Babel Pitches ‘Recovery Coin’ to Repay Creditors After $766 Million Loss
- Crypto lender blames trading desk’s loss on co-founder Wang Li
- Filing envisions restructuring centered on Babel Recovery Coin
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A top executive at Babel Finance is betting a new stablecoin can resolve the troubled crypto lender’s financial crisis, which came to a head last year when it froze withdrawals.
Co-founder Yang Zhou, now sole director of Babel, has filed a moratorium of protection to the high court of Singapore on Monday, asking creditors not to take further action against the company for up to six months as it seeks their approval on a restructuring plan.