Babel Finance joins Celsius, Finblox to freeze withdrawals

June 17, 2022 10:15 AM PDT | By Versha Jain

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Babel Finance joins Celsius, Finblox to freeze withdrawals — Image source: © Cammeraydave | Megapixl.com

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Highlights:

The crypto market was down 2.03% to US$891.47 billion on Friday.

Babel Finance is the latest to put a freeze on withdrawals and redemption.

Celsius and Finblox had already stopped withdrawals earlier this week.

As the crypto market’s decline continued, many crypto firms have stopped withdrawals or restricted withdrawals to prevent a liquidity crunch. The crypto assets have been extremely volatile in recent weeks.

Celsius halted withdrawals this week as the market slide continued. Finblox, a staking platform backed by Three Arrows Capital (3AC), restricted the monthly withdrawals to US$1,500.

3AC found itself in an insolvency trap after investors’ rushed to liquidate their holdings.

Also Read: Why is WOO Network (WOO) crypto generating interest?

Now, the Hong Kong-based crypto lender, Babel Finance, has announced suspending all withdrawals and redemptions, Coin Desk reported on Friday. Babel was valued at US$2 billion last month after closing its US$80 million Series B funding round on May 25.

The company faces a liquidity crisis if the market continues to drop. However, Babel has not officially announced a withdrawal suspension.

Also Read: Bitcoin falls to fresh 18-month low as crypto meltdown deepens

Data Source: coinmarketcap.com

Also Read: Why metaverse crypto Genesis Worlds (GENESIS) surged 39% today?

Babel was created in 2018 to provide an open financial infrastructure for cryptocurrency services. It offers institutional investors crypto lending, asset management, and financial services.

Bottom line:

The crypto market was down 2.03% to US$891.47 billion at around 9:30 am ET. Crypto assets are highly volatile. Those who are unwilling to take risks should stay away from the market.

Also Read: AVAX crypto soars as teams vie for US$800,000 hackathon rewards

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