Crypto Lender Babel’s Creditor Protection Extended in Singapore

A Singapore court extended creditor protection for crypto lender Babel Finance by about three months, its co-founder Flex Yang said.

The moratorium will now last until July 21, Flex said. He returned to oversee Babel’s restructuring after stepping down from day-to-day operations in 2021.

Hong Kong-based Babel, which also operates in Singapore, hit trouble during last year’s crypto meltdown and owes as much as $800 million to creditors.

The company had sought a longer period of creditor protection to pursue a proposed restructuring that would repay debt with revenue generated by a new decentralized finance project minting so-called “Babel Recovery ...