Babel Finance, one of cryptocurrency lending firms shaken by the bear market of 2022, is exploring new restructuring opportunities involving minting a new stablecoin called Hope.
) as collateral, maintaining its 1:1 ratio with the U.S. dollar through arbitrage incentives for traders, the filing notes.
According to Babel’s estimations, the company owes as much as $524 million worth of BTC, ETH and other tokens to customers due to losses allegedly caused by Wang’s risky trading activities. Another $224 million was reportedly lost when Babel counterparties liquidated collateral after the firm became unable to meet a large volume of margin calls.
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