Hong Kong-based cryptocurrency company Babel Finance, which lost $766 million last year, plans to pay its creditors through a “recovery coin.”
Babel Finance, which went bankrupt, according to a recent report by Bloomberg, Terra (Luna) lost in the collapse customer assets together with a decentralized finance (DeFi) platform to compensate stablecoin issuance plans doing.
Babel Finance also has creditors at least 6 more months request to find a extension of the moratorium made an application. According to the news, the company’s co-founder and sole official Yang Zhou, with the acceptance of the moratorium extension request. “HOPE” It will start working on the decentralized project called
As part of this project, the HOPE DeFi platform and Recovery Coins will be launched. From the platform and the stablecoin project income earned payable to creditors. According to the information received, the stablecoin HOPE, Bitcoin (BTC) and Ethereum (ETH) to be issued guaranteed will be.
Another co-founder of the company, Wang Li, $524 million value of Bitcoin and Ethereum as a result of positions taken has been liquidated later when specifying Another $224 million claimed to have disappeared.