A court in Singapore has extended creditor protection for Babel Finance, a troubled cryptocurrency lending firm, by another three months until July 21, giving the firm more time to repay debts to creditors. Babel's restructuring plan involves new tokens called "Babel Recovery Coins," which are aimed at generating revenue to repay up to $800 million in debt. The firm's co-founder and former CEO, Flex Yang, is now overseeing the restructuring process and focusing on the new decentralized finance (DeFi) project called Hope, which he has positioned as a combination of DeFi and centralized finance to enable transparency and security. Babel was one of many crypto lending companies that experienced major liquidity issues due to the bear crypto market in 2022.
(By HELEN PARTZ)
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