• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF
Babel

Singapore Extends Creditor Protection For Crypto Lender Babel Finance

anushsamal
by anushsamal
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Hong-Kong-based crypto lender Babel Finance which operated out of Singapore has been granted an extension of its creditor protection by a Singaporean court, according to Flex Yang, the company’s co-founder.

The extension is expected to last for approximately three months, providing the crypto lender with additional time to address any outstanding financial obligations and potentially avoid insolvency.

During the period of the extension, the crypto firm plans to bring into place a restructuring plan via a new decentralized finance project named Hope. This initiative will allow the firm to explore new opportunities for growth and sustainability within the crypto lending market.

Related Reading: Crypto Regulations Heat: U.S. Congressman To Introduce Bill Firing SEC Chair Gensler

Deribit, the top options exchange for Bitcoin and Ether and a creditor of Babel Finance, had expressed concerns about the restructuring plan. To this end, the exchange requested an independent advisor, Alvarez & Marsal, to monitor the plan.

During the bearish crypto market in 2022, Babel Finance was one of several crypto lending companies which had undergone significant liquidity challenges.

In June 2022, the crypto lending platform was forced to halt withdrawals and redemptions from its products owing to unexpected liquidity pressures. Reports indicate that the crypto lender suffered a loss of $280 million from proprietary trades involving customer funds.

Babel Finance Owes Creditors Up to $800 Million

Babel Finance is indebted to its creditors for an amount that could surpass $800 million. In an effort to repay this debt, the company has requested an extended period of creditor protection to implement its restructuring plan.

This plan involves the issuance of “Babel Recovery Coins,” which will be generated by a new decentralized finance project. The revenue generated by this project will be used to repay the company’s outstanding debts to its creditors.

In a recent Twitter post, Flex Yang, co-founder of Babel Finance, revealed that the Singapore High Court officially initiated the in-court restructuring procedure for the company on April 17. Yang emphasized his commitment to the new decentralized finance (DeFi) project called Hope, saying that it would be his primary focus moving forward.

He stated:

In the coming international political changes, HOPE will be an important tool for us to reconnect the world. We are confident that our new team will continue to use their hope and light to move the new project forward.

Babel Recovery Coin

In early March, Yang Zhou, another co-founder of Babel Finance, first introduced the Hope project. He explained that the project’s native token, Babel Recovery Coin, is a stablecoin that is collateralized with Bitcoin and Ethereum. The token is designed to maintain a 1:1 peg with the US dollar through the use of arbitrage incentives for traders.

Related Reading: Bitcoin Safe Haven: BTC Correlation With Gold Surges

Babel launched Hope in mid-March 2023. The project aims to combine the benefits of DeFi and centralized finance, providing both transparency and security that DeFi offers while also allowing for easy access that centralized finance provides.

Babel
Bitcoin was trading at $30,400 on the one-day chart | Source: BTCUSD on TradingView
Featured Image From The Business Times, Chart From TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
anushsamal

anushsamal

Follow

Full Profile

Related Posts

crypto, Bitcoin

Ukrainians Shield From War’s Economic Impact With Bitcoin, Crypto Investment Strategy, Survey Finds

1 hour ago
Jump Crypto’s SIMD-0270 Upgrade to Boost Solana’s Speeds – Snorter Token to 1000x?

Jump Crypto’s SIMD-0270 Upgrade to Boost Solana’s Speeds – Snorter Token to 1000x?

3 hours ago
Best Altcoins to Watch as Altcoin Season Prepares for a Q4 Explosion

Best Altcoins to Watch as Altcoin Season Prepares for a Q4 Explosion

4 hours ago
DeepSeek's Best Crypto Presales to Buy for Uptober: AI Has Spoken

DeepSeek’s Best Crypto Presales to Buy for Uptober: AI Has Spoken

5 hours ago
Bitchat

Messaging App Bitchat Sees Unprecedented Boom Amid Madagascar Turmoil

8 hours ago
Pump.Fun Doubles in Price, Sets the Stage for PepeNode’s Mine-to-Earn Model

Pump.Fun Doubles in Price, Sets the Stage for PEPENODE’s Mine-to-Earn Model

7 hours ago

Premium Sponsors

Press Releases

  • 上線倒計時:僅剩25天可搶購 Snorter Bot 代幣

    4 days ago
  • 加密錢包掀起發幣熱潮 Best Wallet...

    6 days ago
  • Bitcoin Hyper

    ChatGPT предсказва следващата 1000x...

    6 days ago
  • Snorter надхвърли $4 милиона след...

    1 week ago
  • Experience the Next Chapter of Pickleball with the $PKL Token Presale.

    Experience the Next Chapter of Pickleball with the $PKL...

    1 week ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.