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Crypto Lender Babel Hires Kirkland as Adviser for Restructuring

July 19, 2022, 1:55 PM

Babel Finance, the Hong Kong-based crypto lender that froze withdrawals last month, has hired law firm Kirkland & Ellis to advise it on its restructuring, people with knowledge of the matter said.

Flex Yang, the Babel co-founder who stepped down from day-to-day operations last year, has returned to oversee the company’s restructuring, according to the people, who asked not to be identified discussing private information.

WATCH: Bitcoin has broken out of a one-month-old trading range as other cryptocurrencies including ether rallied.
Source: Bloomberg

This year’s cryptocurrency meltdown hit digital-asset lenders like Babel -- which effectively operate like unregulated banks, taking deposits in crypto and investing them to generate juicy yields -- especially hard. Voyager Digital Ltd. ...