Crypto lender Babel gets extended creditor protection in Singapore
Hong Kong-based Babel Finance will have more than a year to repay debts to its creditors after suspending withdrawals in June 2022. Troubled cryptocurrency Lending firm Babel Finance has more time to repay debts to creditor s 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 will last until July 21, enabling the firm to pursue its restructuring plan via a new decentralized finance (DeFi) project called Hope. Flex returned to oversee Babel’s restructuring process a few years after stepping down from CEO role in 2021. Flex Yang, former CEO of Babel Finance and founder of the Hope DeFi ecosystem. Source: TechCrunch Babel’s restructuring plan involves new tokens called “Babel Recovery Coins,” which are aimed at allowing the troubled lender to generate revenue for repaying as much as $800 mi...