Дефи Невс- 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.
Према извештају Блумберга, Babel Finance, a crypto lending platform located in Hong Kong, wants to develop a decentralized stablecoin that will be used to repay the firm’s debtors. Babel co-founder Yang Zho is now the company’s sole director. He is at the heart of the restructuring efforts. Which center on a decentralized finance (DeFi) initiative named “Babel Recovery Coins.”
A completely reserved стаблецоин dubbed HOPE and another token dubbed Light Token are promoted as part of a dual-token ecosystem. According to the petition, the “Babel Recovery Coins” initiative would produce revenue to repay Babel’s creditors. The HOPE stablecoin will first be backed by Bitcoin (БТЦ) и Ethereum (ETH), with other currencies added at a later date.
Exceptional Liquidity Challenges
After being caught up in the collapses of the Terra ecosystem, Celsius Network, and Three Arrows Capital, Babel Finance received $80 million at a $2 billion value in May 2022. But froze redemptions and withdrawals the following month, claiming exceptional liquidity challenges.
8,000 Bitcoin and 56,000 Ether, valued at around $225 million, were allegedly lost by Babel exchange. The cryptocurrency exchange claims that its clients and it lost a combined $524 million worth of Bitcoin, Ethereum, and other cryptocurrencies. Due to the high-risk trading strategies used by Babel’s co-founder Wang Li. Moreover, Wang was removed from his position as head of the company in December of last year.
Moreover, the business decided to seek a moratorium of protection with the Singapore high court. Asking its creditors to refrain from pursuing any further action against it for up to six months.
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Source: https://thenewscrypto.com/babel-finance-proposes-launching-new-stablecoin-to-repay-debtors/