ChainCatcher news, Flex Yang, the former founder of the crypto financial service provider Babel Finance ([Babel Finance](https://www.rootdata.com/zh/Projects/detail/Babel Finance?k=NDE5Mg==)) and the founder of the distributed stablecoin HOPE, published an open letter stating that Babel Finance Group's bankruptcy protection hearing was held in the Singapore High Court, officially initiating the court restructuring process. "This is a milestone result since I decided to return to oversee the restructuring work after leaving Babel in 2021 and during the Babel crisis in mid-2022." (Source link)

ChainCatcher news, according to court documents cited by Bloomberg, the crypto financial service provider Babel Finance is undergoing a restructuring of $766 million in creditor debt. Meanwhile, Yang Zhou, the founder who returned to Babel after the crisis in 2022, is planning to submit a stay order to the Singapore High Court, requesting that creditors refrain from taking further action against the company for six months while seeking approval for the restructuring.After leaving Babel in 2021, Yang has been building a DeFi project called "Hope," which will initially use Bitcoin and Ethereum as collateral for its eponymous stablecoin, maintaining its price peg to $1 through incentives for traders to arbitrage.It is reported that last year, Babel's proprietary trading division incurred a $766 million deficit using customer funds. According to Babel's estimates, the company and its clients lost $524 million in Bitcoin, Ethereum, and other tokens due to the trading activities of co-founder Wang Li. Additionally, Babel's counterparties faced $224 million in losses after liquidating collateral when they were unable to meet substantial margin calls. (Bloomberg)

Chain Catcher news, Project Babel fan lucky token PLT will be launched on PancakeSwap tomorrow at 9:09 AM. It is reported that the fan lucky token is initiated by the Project Babel Chinese DAO, aiming to spread the core idea of the Project Babel Tower of Babel plan, assist the community in positive development, and collaborate with the official Project Babel.Project Babel is knowledge-driven, building a Web3 application and content layer metaverse entrance. Its three major application scenarios are: a visualized Wikipedia, a rewarding Q&A community, and a co-constructible Metaverse. (Source link)