Crypto lender Babel Finance to undergo restructuring

// Upon the filing, the Hong Kong- and Singapore-based crypto broker will automatically receive a moratorium for 30 days or until the date when the application is heard – whichever comes first. But to get a moratorium, it must first meet requirements such as a list of creditors and evidence of support from them.

Babel Finance’s valuation hit US$2 billion just last year, but it reportedly incurred massive losses of about US$766 million while using customer funds for trading, Bloomberg reported. //


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