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Embattled cryptocurrency lender Babel Finance has proposed the issuance of a new stablecoin backed by crypto through a decentralized finance (DeFi) platform, in a bid to According to the plan, debts will be repaid with revenue from the new DeFi project involving Babel Recovery Coins. The filing also alleges that Babel Finance co-founder 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. According to Bloomberg, Babel estimates that an additional $524 million worth of Bitcoin, Ethereum and other tokens were “lost” as a consequence of Co-Founder Babel hit trouble last year during the crypto market’s meltdown after the company’s proprietary trading desk ran up an order-book deficit of $766 million using customer The struggling Babel Finance cryptocurrency lender has suggested a new crypto project called “Babel Recovery Coin,” claiming to repay creditors with revenue Babel Finance blamed its trading desk’s $766 million loss on co-founder Wang Li. Yang Zhou, the sole director of Babel is planning to file a moratorium of protection from creditors. Yang plans Babel co-founder Yang Zhou is planning to build a new decentralized finance (DeFi) project in order to generate revenue to repay debts owed to creditors, Bloomberg Babel Finance plans to build out the DeFi project at the center of the restructuring, called Hope. Hope’s namesake stablecoin will initially use Bitcoin and Ether as collateral, and maintain its

DeFi Recovery: Babel Finance Plans "Babel Recovery Coin" After $766M Bitcoin & Ethereum Loss

Embattled cryptocurrency lender Babel Finance is proposing a radical new strategy to address its financial crisis: the issuance of a new stablecoin backed by crypto through a decentralized finance (DeFi) platform. This initiative, dubbed "Babel Recovery Coin," aims to repay creditors following a massive $766 million loss in Bitcoin and Ethereum.

The $766 Million Loss: Babel\'s Crypto Meltdown

Babel Finance blamed its trading desk’s staggering $766 million loss on co-founder Wang Li. The loss occurred during the crypto market’s meltdown last year after the company’s proprietary trading desk ran up an order-book deficit using customer funds. According to Bloomberg, Babel estimates that an additional $524 million worth of Bitcoin, Ethereum and other tokens were “lost” as a consequence of Co-Founder Babel\'s missteps.

Babel Recovery Coin: A DeFi Hope for Repayment

The struggling Babel Finance cryptocurrency lender has suggested a new crypto project called “Babel Recovery Coin,” claiming to repay creditors with revenue. According to the plan, debts will be repaid with revenue from the new DeFi project involving Babel Recovery Coins. 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.

Hope: The DeFi Project at the Heart of Babel\'s Restructuring

Babel Finance plans to build out the DeFi project at the center of the restructuring, called Hope. Babel co-founder Yang Zhou is planning to build a new decentralized finance (DeFi) project in order to generate revenue to repay debts owed to creditors, Bloomberg reports. Hope’s namesake stablecoin will initially use Bitcoin and Ether as collateral, and maintain its stability through advanced DeFi mechanisms.

Yang Zhou\'s Strategy: Moratorium and DeFi Innovation

Yang Zhou, the sole director of Babel, is planning to file a moratorium of protection from creditors. Yang plans to focus on building the DeFi platform to generate revenue. The filing also alleges that Babel Finance co-founder was responsible for the substantial losses. Will the "Babel Recovery Coin" and the Hope project be enough to restore confidence and repay creditors after such significant losses?

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