Babel pitches ‘Recovery Coin’ to repay creditors after $766 million loss

03/06 01:04

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. The plan detailed in the filing proposes repaying debts owed to creditors with revenue generated by a new decentralized finance project minting so-called “Babel Recovery Coins,” according to a document viewed by Bloomberg News. Babel estimates $524 million worth of Bitcoin, Ether and other tokens owned by the company and its customers was lost as a result of Wang’s trading activities. Another $224 million was also lost when Babel counterparties liquidated collateral after it was unable to meet a large volume of margin calls.

2Giảm giáThíchChia sẻ

Tuyên bố miễn trừ trách nhiệm：Nội dung trên không đại diện cho quan điểm của HTX.，HTX không đưa ra bất kỳ lời khuyên giao dịch nào.。