– Advertisement – Summary: Babel Finance plans to repay creditors with a two-prong approach – a decentralized finance platform and a crypto-backed stablecoin token. The troubled crypto len...
Tag: Babel
Babel Finance Proposes Launching New Stablecoin To Repay Debtors
9 seconds ago | 2 mins read Defi News Babel co-founder Yang Zhou is now the company’s sole director. A completely reserved stablecoin dubbed HOPE is proposed as part of restructuring plan. According t...
Babel Finance Mulls New Token Launch to Repay Creditors
Babel Finance, the Hong Kong-based crypto lending platform, plans to introduce a decentralized stablecoin that will be used to repay the firm’s creditors, according to a Bloomberg report. The firmR...
Babel Finance explores new restructuring opportunities with DeFi project
Babel Finance, one of many cryptocurrency lending firms that suffered losses during the cryptocurrency winter of 2022, is exploring new restructuring opportunities to pay back its creditors. The Hong ...
Babel Finance Mulls Crypto-Backed Stablecoin to Repay $766M: Report
Babel is on the verge of filing a moratorium extension that would prevent creditors from making claims for at least another six months, the report from Sunday said. The filing alleges that co-founder ...
Babel wants to repay creditors via special ‘recovery coins’: Report
Babel Finance, one of cryptocurrency lending firms shaken by the bear market of 2022, is exploring new restructuring opportunities involving minting a new token. Babel co-founder Yang Zhou is planning...
Babel Finance Pins Hope on New Stablecoin Project to Resolve Financial Woes: Report
Babel Finance co-founder Yang Zhou is banking on a new stablecoin to pull the troubled crypto lender from the financial crisis. Last June, Hong Kong-based project was one of the three prominent firms ...
Babel proposes new stablecoin to repay $766m to creditors
After recording massive losses last year, financial service provider Babel Finance proposed developing a new stablecoin to generate revenue to repay $766 million to its creditors. The plan involves cr...
Babel Finance to Launch HOPE Stablecoin in Effort to Repay Debts
Embattled crypto lending firm Babel Finance envisions a restructuring effort centered around a new stable asset project called Babel Recovery Coin. Babel’s co-founder and sole director Yang Zhou is pi...
Babel Finance Invents Babel Recovery Coin to Solve Debt Crisis
Babel Finance has decided to launch the Babel Recovery Coin. The intention of the new launch is to resolve the company’s debts of almost $766 million. The company would mint the stablecoin through the...
Zipmex Sheds New Light on Battle With Babel
Cryptocurrency exchange Zipmex, which froze withdrawals on July 20, has shed new light on its battle with Babel as the firm desperately sought to recover £48 million dollars from the lender. The recen...
Babel Finance lost over $280 million in proprietary trading with customer funds
Babel Finance, the troubled Asian crypto lender that abruptly halted client withdrawals last month, suffered heavy losses due to proprietary trading with customer funds, according to its restructuring...
Babel Finance Lost Over $280 Million of Customer Funds to Risky Trading, Eyes Fundraising
Struggling crypto lender Babel Finance lost over $280 million of customers’ funds in trading. The crypto lender, which stopped withdrawals last month, lost 8,000 Bitcoins and $56,000 ETH last month du...
Babel Finance Reportedly Lost $280M Trading Bitcoin and Ethereum
7 hours ago | 2 mins read Defi News As of July 2022, the deck claims that the company lost 8k BTC and 56k ETH in June. The wallet management staff allocated the funds to trading accounts. Four large c...
Babel lost over $280M trading with customer funds; wants to raise up to $300M
Embattled crypto lender Babel Finance lost over $280 million while trading with customer funds, The Block reported July 29, citing the firm’s restructuring proposal deck. The report said that Babel Fi...
Babel Finance Lost Over $280m in Proprietary Trading with Customer Funds
Babel Finance has undergone severe loss as it executed proprietary trading with customer funds. The Asian crypto lender has been in trouble and abruptly suspended client withdrawals from last month. T...
Zipmex Confirms $53M Exposure to Celsius and Babel Finance
Singapore-based crypto exchange Zipmex declared on Thursday that it has a total of $53 million worth of funds in exposure to crypto lenders Celsius Network and Babel Finance. The latest development co...
Zipmex Resumes Withdrawals, Discloses $53M Exposure to Babel and Celsius
Less than 24 hours after the Southeast Asia-based cryptocurrency exchange Zipmex paused customer withdrawals citing volatile market conditions, the company announced plans to resume full operations. Z...
Singapore-based Zipmex exchange Halts Withdrawals, Has Exposure to Celsius and Babel
As the crypto winter draws upon, Singapore-based crypto exchange Zipmex becomes the latest to halt withdrawals on the platform. The cryptocurrency exchange also has major operations in Thailand. Zipme...
Zipmex a Victim of Crypto Contagion as Concerns Grow Over Babel Loan: Sources
The backstory, according to an industry executive briefed on the matter by people with direct knowledge of the situation, is that a Singaporean arm of Zipmex faces a big loss on about $100 million of ...
The Same Law Firm Is Representing Celsius, Voyager and Babel Finance
Voyager and Celsius’ court filings list the same lead attorney and contain several identical paragraphs The insolvent crypto lenders may be using Chapter 11 as a “delay tactic” The longer crypto’s bea...
Crypto Lender Babel Finance Issues Temporary Halt on Withdrawals
Not long ago, the crypto world was shocked and appalled to learn that Celsius – one of the crypto industry’s largest and most well-known crypto lenders – was halting withdrawals and preventing people ...
Babel Finance Hires Restructuring Specialist Houlihan Lokey: Sources
Babel Finance, a Hong Kong Bitcoin financial services company offering lending and asset management services, has hired U.S. investment banking firm Houlihan Lokey, a specialist with wide experience i...
Babel Finance plans to work with restructuring group Houlihan Lokey: CoinDesk
“Babel is looking at restructuring. They’ve hired Houlihan Lokey or are in the process of hiring them. They’re in the process of signing an engagement letter,” one source told CoinDesk. Babel will hav...
Babel Finance Is Hiring US Investment Bank Houlihan Lokey After Announcing Withdrawals Halt
According to the latest reports, Babel Finance, a crypto lender, is hiring Houlihan Lokey, a US investment bank following the halt of withdrawals and liquidity issues. A source familiar with the matte...
Genesis Suffers Nine-figure Losses Partly Through Exposure To Three Arrows Capital And Babel Finance
Genesis Trading, a lending firm and cryptocurrency market marker, is likely to be experiencing losses in thousands of millions, reveals three individuals familiar with the matter. One of the thr...
Babel Finance is losing top employees as client funds remain frozen
Two weeks after suspending client withdrawals and five weeks after raising $80 million in fresh funding, The Block has learned that troubled crypto lender Babel Finance is losing multiple top employee...
Babel Finance Reportedly Loses Top Employees Amid Insolvency Rumors
According to crypto news and research website The Block, beleaguered crypto lender Babel Finance is starting to lose several key employees just weeks after the firm suspended withdrawals and battled I...
Top Executives Quit as Babel Finance Sees Financial Woes
Troubled crypto lending firm Babel Finance is continuing to face further woes as multiple top employees are leaving the company. According to the latest report, one of the prominent employees, Yulong ...
Babel Wins Reprieve on Debt Repayments
Babel says understanding has facilitated ‘momentary liquidity pressure’ As its average monthly trading volume, the crypto lending firm generated up to $8 billion in its portfolio The choices investiga...
Cryptocurrency Firm Babel Finance Strikes Debt Agreement With Counterparties
The cryptocurrency lending platform Babel Finance finally reached a debt agreement with counterparties. Before now, the firm had experienced some difficulties in its operations due to the present mark...
Babel Finance Releases Debt Repayment Arrangement Days After Freezing Withdrawals
After crypto financial service provider Babel Finance halted withdrawals and redemptions amid a market slump on Friday, the platform has now taken steps to ease short-term liquidity pressure. In a rec...