According to a report by Bloomberg, 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.
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 cryptocurrency firms, including Babel Finance, went bankrupt in the year 2022, the year of the crisis. Celsius, Voyager, and Three
Babel Finance had a loan balance of over $3 billion by the end of 2021. It had a monthly derivatives trading volume of $800 million. Another cryptocurrency lending service, Babel Finance, based in Hong Kong, has been hit hard by the recent market drop. Babel Finance, citing “unusual liquidity pressures,”
