#babel finance

Babel Finance is considering a new restructuring opportunity that involves the creation of a new decentralized finance (DeFi) project called Hope. This project aims to generate revenue to repay debts owed to creditors, and will mint a new stablecoin using Bitcoin and Ether as collateral. (Read More)

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 creating “Babel Recovery Coins” using the project’s earnings. Babel Finance’s proposal…

This Asian Crypto Lending Giant Is Looking to Raise $100 Million Despite Market Crisis

One of Asia’s biggest cryptocurrency lenders Matrixport Technologies Pte is looking to raise a staggering $100 million in fresh funding at a $1.5 billion valuation. This development comes at a time when major crypto lenders like BlockFi and Genesis have been facing a massive liquidity crunch amid the FTX collapse. The Singapore-based crypto lender said that they have a commitment of at least…

Singapore Court Approves Zipmex Request for Three-Month Creditor Protection

Zipmex has been granted three months‘ creditor protection by the court of Singapore, giving the exchange time to consult with regulators and develop a strategy to address the exposure of $53 million from crypto lenders Babel Finance and Celsius. This comes days after the platform filed for bankruptcy protection to focus on solving liquidity issues. Zipmex also said that it would be resuming…

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 recent Zipmex announcement indicates that mood music from Babel had previously assured the exchange that all liquidity issues could be resolved quickly and in a timely manner. This further led Zipmex to…

Zipmex Crypto Exchange Resumes Withdrawals for Altcoins, No Word on Bitcoin

Embattled Asian crypto exchange resumes withdrawals for some altcoins, though bitcoin and ether remain frozen. The exchange will progressively allow XRP, Solana (SOL), and ADA withdrawals from the Z Wallet, which will be credited into users’ Trade wallets. Earlier this month, the Asian exchange announced the temporary halt of transfers between its Z wallet and Trade Wallet, citing market…

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 due to liquidation resulting from the market downturn at the time. Part of the deck reportedly reads, In that volatile week of June when BTC fell precipitously from 30k to 20k, unhedged positions in…

Crypto Firm Lost $300 Million, Is This The Last Straw To Regulation?

The calls for crypto regulation intensified as reports revealed that Babel Finance lost a huge sum to proprietary trading using customer funds. The Asian crypto platform that recently suspended its withdrawal lost over $280 million. According to a restructuring proposal, the platform lost over 8000 BTC and 56,000 ETH during June because of market volatility. The post Crypto Firm Lost $300…