Babel Finance Mulls Crypto-Backed Stablecoin to Repay $766M: Report

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.