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.

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• Source: https://www.coindesk.com/business/2023/03/06/babel-finance-mulls-crypto-backed-stablecoin-to-repay-766m-report/?utm_medium=referral&utm_source=rss&utm_campaign=headlines