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Babel Finance, After Freezing Withdrawals, in Pickle for Debt Repayments

“Babel Finance, the distressed crypto lender which froze withdrawals on Friday, said it won a reprieve on debt repayments as it battles to survive a tumultuous slump in cryptocurrency markets.” – Bloomberg, June 20, 2022 

Obviously, Babel Finance, headquartered in Hong Kong, is facing severe liquity pressures. It is not known if and when it will allow withdrawals. There are reports that it is in talks with large institutions about taking over some of the debt. 

Likely more crypto players will be caught up in similar crises. The Winklevoss Twins admit they don’t see a turnaround in crypto in the new future. Their firm Gemini has conducted layoffs.

Connect with Editor-in-Chief Jane Genova [email protected].

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