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)