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Troubled cryptocurrency lending firm Babel Finance has more time to repay debts to creditors like Deribit after suspending withdrawals in 2022.A court in Singapore has extended creditor protection for Babel Finance by another three months, Bloomberg reported on April 18.According to Babel co-founder and former CEO Flex Yang, the moratorium
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Babel Finance, one of many 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 to build a new decentralized finance (DeFi) project in order to generate revenue to repay debts owed to creditors, Bloomberg
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Babel is on the verge of filing a moratorium extension that would prevent creditors from making claims for at least six months, the report said. The filing alleges that co-founder Wang Li racked up $524 million in proprietary trading losses, with another $224 million being lost after lenders liquidated collateral
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The firm lost around 8,000 bitcoin (BTC) and 56,000 ether (ETH) in June in forced liquidations as the crypto market plunged to an 18-month low, sending bitcoin below $20,000, the deck shows, according to The Block. The trades were unhedged in what was described as a "volatile trading week." Source
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“Ever since the black swan events surrounding the crypto space, Zipmex has retrieved the majority of our funds and assets that were historically deposited with our deployment partners and have been actively working to resolve the situation for the remaining outstanding assets,” according to the statement. Source
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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 funds lent to the now beleaguered, Hong Kong-based Babel through a product called "ZipUp." Zipmex
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Summary: KuCoin CEO, Johnny Lyu, has debunked rumors that the exchange will soon pause withdrawals. According to Mr. Lyu, KuCoin does not have direct exposure to collapsed LUNA, Three Arrows Capital, or Babel Finance. He further reassures that ‘everything on KuCoin is operating well.’ The CEO of KuCoin, Johnny Lyu, has refuted claims that
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Babel is in the process of signing an engagement letter with the investment banking firm, a source said. Original Source
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Babel, based in Hong Kong, expressed that it has reached tentative agreements on the repayment time frame of its recently acquired debts. This, in turn, has reduced the company's short-term liquidity burden. Babel Finance, the embattled crypto lender which suspended withdrawals on Friday, has received a reprieve on debt repayments
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Hong Kong-based crypto lender Babel Finance has reached "preliminary agreements" with several counterparties and customers after a withdrawal freeze last week. Source
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