Stock Market Affected by Terra-LUNC Collapse Will Restart Shooting!

Cryptocurrency sector in May 2022. Terra-LUNA The leaf fall that started with its collapse continued with the bankruptcy of many platforms.

One of the platforms affected by this negative weather is the Hong Kong-based crypto exchange. Babel Finance it happened.

Babel Finance, which stopped withdrawals in June due to liquidity pressures, made a new move to pay its creditors.

BloombergThe co-founder and sole director of Babel Finance YangZhou, He said that they will issue a new stablecoin.

Believing that the new stablecoin can solve the financial crisis that Babel Finance is in, Yang Zhou, together with a few former employees hope a named DeFi platform and the same name stablecoin He said they were planning to take it out.

In this regard, Yang Zhou plans to apply for a moratorium to the Singapore Supreme Court.

Zhou is also asking creditors to approve the restructuring and hold no further transactions against the exchange for up to six months due to the new stablecoin and DeFi platform work.

According to the work of Zhou et al., the new stablecoin named “Hope”, Bitcoin (BTC) And Ethereum (ETH) will be supported by

Some experts say Hope stablecoin USD Coin (USDC) and tether (USDT) Unlike its competitors, such as cryptocurrencies, it will be supported by crypto money, which caused the collapse of the crypto market last year. Terra USD (UST) concerns that it may have similar consequences as

*Not investment advice.

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