After suspending withdrawals on June 17, Babel Finance reaches “preliminary agreements on the repayment period of some debts”, helping ease liquidity pressure
Dear customers， Babel Finance management has taken the following steps … PYMNTS.com : Crypto Lender Babel Announces Debt Relief Babel Finance : Notice — Dear Customers， Recently, the crypto market has seen major fluctuations … Saeed Hassan / Bitcoinist.com : Celsius Says Maintaining Financial Stability Will Take Time Philip.btc's Newsletter : Babel Finance — Babel Finance is a digital asset financial service provider primarily focused on their lending services. Thao Lam La / Tech in Asia : HK crypto lender reaches debt deals to ease liquidity pressure Godfrey Benjamin / Blockchain News : Babel Finance Reaches Agreement on Modalities for Repayment of its Loans Arianne Gift / Micky : Fake Celsius accounts emerge amid withdrawal freeze Ben Strack / Blockworks : Babel Finance Working To Ease ‘Unusual Liquidity Pressures’ Muyao Shen / Bloomberg : Distressed Crypto Lender Babel Wins Reprieve on Debt Repayments Oliver Knight / CoinDesk : Babel Finance Reaches Debt Agreement With Counterparties After Withdrawal Freeze Jinia Shawdagor / Crypto Adventure : Babel Finance Reaches Debt Repayment Agreement to Ease Liquidity Problems Monica Noronha / CryptoSlate : Babel Finance reaches debt agreement to ease liquidity pressure Celsius Blog : After pausing withdrawals, Swap, and transfers last week, Celsius asks for more time to stabilize its liquidity and operations and halts Twitter Spaces and AMAs Bloomberg : Bitcoin fell to under $18K on June 18, below its $19,511 high during its 2017 bull cycle, and ether dropped below $1K; both are down 70%+ since November 2021 Tweets: Simon Dixon / @simondixontwitt : I believe traditional finance will not have a timely solution for Celsius as we saw in the past with Mt. Gox that still remains unresolved 10 years later. I believe that this can only be solved with a solution using financial innovation https://bnktothefuture.com/... Wu Blockchain / @wublockchain : Sharing with The Block, Babel Finance said it carried out an emergency assessment of its business operations to understand its liquidity status and reached preliminary agreements on the repayment period of some debts with major counterparties and customers https://www.theblock.co/... https://twitter.com/... Emily Nicolle / @emilyjnicolle : Babel Finance says it's won a reprieve on debt repayments to ease liquidity pressure. It's also in talks with large institutions about potentially setting up a new entity to take over some of the debt (h/t @MuyaoShen) https://www.bloomberg.com/... Muyao Shen / @muyaoshen : we also learned that it's likely Babel may get a bailout from current or potential investors. This continues to be one of the more important stories to keep an eye on, as we often forget how important many Asia-based firms are in crypto. Muyao Shen / @muyaoshen : Slightly relief news after 3AC and Celsius: Asia lender giant Babel wins reprieve on debt payments and are likely in talks with current and potential investors on restructure solutions. more via @crypto https://twitter.com/... Maya Zehavi / @mayazi : absolutely insane how many crypto intermediary financial models were built on essentially being long gamma on crypto with no path to deleverage or take the other side of that trade: * celsius * 3ac * Babel that we know about so far, cuz they unwinded, but i suspect others too Wu Blockchain / @wublockchain : Babel official statement: will actively fulfill its legal responsibilities to customers and actively communicated with shareholders and potential investors, and will continue to communicate and obtain liquidity support. @3anoncompany : Babel's imminent bankruptcy has nothing to do with 3AC, if they say so in future announcements will be a blatant lie these dudes simply degen with users' funds AGAIN (almost went under in March 2020), massive option loss this time miners are again having fun being rekt @bitfinexed : Tethers. Backed by Babel Finance bad loans. That's probably the $5 billion or more in so-called digital assets, Ponzi schemes. https://twitter.com/... @bitfinexed : It's another tether bailout. https://twitter.com/...