07/10/2022

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Crypto: Asset Manager Babylon Finance to Close

Ethereum-based asset management protocol Babylon Finance will close completely in November as it did not recover from the $80 million exploit on Rari Capital in April, Coindesk wrote.

Rari made it so users could supply and borrow any asset in its Fuse pools to earn yields, letting users set up their own pools with Ethereum-based assets.

Babylon stored around $30 million in numerous cryptocurrencies at its peak, among the top lending pools on Rari.

In other news, Crypto.com has backed out of a five-year sponsorship deal worth $495 million with the UEFA Champions League, which is the European elite soccer league, Coindesk wrote.

The deal had apparently been agreed to in principle and would’ve seen Crypto.com take over as sponsor from Russian energy company Gazprom, which is state owned. UEFA canceled the Gazprom contract in March after the Russian invasion of Ukraine.

Furthermore, there will be a date set soon for the distribution of funds from the defunct crypto exchange Mt. Gox, Coindesk wrote, which will see creditors paid back for a 2014 hack that lost 850,000 bitcoin.

A court document said the date will be determined “in due course.” Creditors have been given a deadline of Sept. 15 to make or transfer a claim.

Creditors will get a base payment at first, and can choose to receive the rest through an early lump sum payment or a later payment after the court proceedings end.

Additionally, ex-CFTC commissioner Jill Sommers is now on the FTX US Derivatives board of directors, a press release said.

FTX US Derivatives is regulated by the CFTC. FTX US Derivatives was formed in 2017 as LedgerX, and has made crypto-related options and swaps contracts available 24/7 for investors. Sommers praised the company as being “at the forefront of bridging the gap between traditional and digital assets while staying true to its founding principles of transparency and leading the charge toward becoming the most regulated digital asset exchange in the world.”

Finally, Coinbase is reportedly looking into an issue where multiple networks have had trouble with deposits and withdrawals, the exchange said at 12:52 a.m. ET, Seeking Alpha wrote.

But the notice was removed as of 1:20 p.m. ET. The company said it had resolved an issue that had been causing delays in processing.

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