Babel is on the verge of filing a moratorium extension that would prevent creditors from making claims for at least six months, the report said. The filing alleges that co-founder Wang Li racked up $524 million in proprietary trading losses, with another $224 million being lost after lenders liquidated collateral that underpinned loans issued to Babel.
Yang Zhou, co-founder and sole director of Babel Finance, has teamed up with several former employees to build out Hope - a DeFi platform that will feature a stablecoin of the same name., the Hope stablecoin will be backed by bitcoin and ether, which will see it maintain its one dollar peg as traders can benefit from arbitrage opportunities when the value dips below or rises above the peg.
It draws comparison with the Terra USD stablecoin that prompted the market collapse last year, as that was also backed with crypto as opposed to fiat currencies and equivalents like USD Coin and tether .
BabelFinance OKnightCrypto They can also consider to support their country on 😉
BabelFinance OKnightCrypto So they're going to create another coin (print their own money?) to pay their own debts
BabelFinance OKnightCrypto You can tell it's a 🚩 just by its name.
BabelFinance OKnightCrypto SecondLive is the place to be for inhabitants of the Metaverse! Join the community of over 1 million users and unleash your creativity in a dreaming parallel universe. SecondLiveReal secondlive metaverse web3 gamefi stake bean earn live
BabelFinance OKnightCrypto I really hope this will not be another $UST
Belgique Dernières Nouvelles, Belgique Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
La source: Cointelegraph - 🏆 562. / 51 Lire la suite »