{"investigation":{"slug":"babel-finance","entity_name":"Babel Finance","trust_score":5,"severity_base":null,"score_modifier":0,"confidence":0.92,"status":"published","content_type":"investigation","summary":"Babel Finance was a Hong Kong-based crypto lending and asset management firm that raised $80 million at a $2 billion valuation in May 2022, only to suspend all withdrawals the following month citing 'unusual liquidity pressures.' Internal restructuring documents later revealed that co-founder Wang Li had directed the firm's proprietary trading desk using customer funds with no risk controls, resulting in losses ultimately totaling $766 million and triggering insolvency proceedings in Singapore.","sections":[{"content":"Babel Finance was founded in 2018 and headquartered in Hong Kong, operating as a crypto-native financial services provider offering lending, borrowing, and derivatives services to institutional clients and high-net-worth individuals. By the end of 2021, the firm reported an outstanding loan balance exceeding $3 billion and average monthly derivatives trading volume of $800 million. In May 2022, Babel closed an $80 million Series B funding round led by Jeneration Capital and 10T Holdings, with participation from Dragonfly Capital, BAI Capital, and Circle Ventures, pushing its valuation to $2 billion and granting it unicorn status. The firm served more than 500 institutional organizations at its peak and had raised a total of $120 million in equity financing across all rounds prior to its collapse.","heading":"Company Overview and Growth","sources":[{"url":"https://www.coindesk.com/business/2022/05/25/crypto-lender-babel-finance-lands-unicorn-status-after-80m-series-b","name":"Crypto Lender Babel Finance Lands Unicorn Status After $80M Series B — CoinDesk","type":"news_article","credibility":2},{"url":"https://www.prnewswire.com/news-releases/babel-finance-closes-us80-million-series-b-fundraising-round-at-us2-billion-valuation-301554729.html","name":"Babel Finance closes US$80 million Series B fundraising round at US$2 billion valuation — PR Newswire","type":"official","credibility":1},{"url":"https://techcrunch.com/2022/05/25/crypto-asset-management-babel-2-billion-valuation/","name":"Crypto asset manager Babel Finance reaches $2B valuation — TechCrunch","type":"news_article","credibility":1}],"severity":"low"},{"content":"On June 17, 2022, Babel Finance notified partners that it was suspending product redemption and withdrawal features on its platform, citing 'unusual liquidity pressures' arising from extreme market volatility and what it described as 'conductive risk events' among institutional market participants. The same communication informed partners that the company was insolvent. The timing coincided with a severe crypto market drawdown in which Bitcoin fell from approximately $30,000 to $20,000 over a single week, the same period that triggered the collapses of Celsius Network and Three Arrows Capital. Babel's announcement came fewer than three weeks after closing its $80 million Series B, raising immediate questions about how severe losses could have accumulated so rapidly given the firm's stated scale and financial backing.","heading":"Withdrawal Suspension and Initial Insolvency Disclosure","sources":[{"url":"https://www.coindesk.com/business/2022/06/17/babel-finance-suspends-withdrawals-citing-unusual-liquidity-pressures","name":"Babel Finance Suspends Withdrawals, Citing 'Unusual Liquidity Pressures' — CoinDesk","type":"news_article","credibility":2},{"url":"https://fortune.com/2022/06/17/crypto-lender-babel-finance-suspends-withdrawals-market/","name":"Crypto lender Babel Finance suspends withdrawals, citing 'unusual liquidity pressures' — Fortune","type":"news_article","credibility":1}],"severity":"critical"},{"content":"A restructuring proposal deck dated July 2022 revealed that Babel's proprietary trading desk had lost approximately 8,000 BTC and 56,000 ETH — worth roughly $280 million at the time of the losses — while trading with customer funds. The deck described the proprietary trading team as operating several accounts that were not controlled or monitored by the trading department, with no defined trading mandate, no risk controls, and no profit-and-loss reporting in place. The proprietary trading team had received an effectively uncapped allocation of capital from the firm's wealth-management unit. Unhedged positions suffered severe losses as Bitcoin fell sharply in June 2022, triggering forced liquidations across multiple accounts. Later court filings elevated the total order-book deficit to $766 million, comprising $524 million in direct trading losses attributed to co-founder Wang Li and a further $224 million lost when external lenders liquidated collateral backing loans issued to Babel.","heading":"Proprietary Trading Losses and Internal Control Failures","sources":[{"url":"https://www.theblock.co/post/160230/babel-finance-crypto-lost-280-million-proprietary-trading-restructuring","name":"Babel Finance lost over $280 million in proprietary trading with customer funds — The Block","type":"news_article","credibility":2},{"url":"https://www.coindesk.com/business/2022/07/29/babel-finance-lost-280m-trading-customer-funds-report","name":"Lender Babel Finance Lost $280M Trading Customer Funds: Report — CoinDesk","type":"news_article","credibility":2},{"url":"https://www.bloomberg.com/news/articles/2022-07-29/troubled-crypto-lender-babel-lost-big-while-trading-client-funds","name":"Troubled Crypto Lender Babel Finance Lost Big While Trading Client Funds — Bloomberg","type":"news_article","credibility":1},{"url":"https://www.investing.com/analysis/babel-lost-8000-btc-and-56000-eth-while-trading-customer-funds-200627812","name":"Babel Lost 8,000 BTC and 56,000 ETH While Trading Customer Funds — Investing.com","type":"news_article","credibility":2},{"url":"https://fintechnews.sg/70299/hong-kong/babel-finance-files-for-moratorium-works-on-new-stablecoin-to-repay-us766m-loss/","name":"Babel Finance Files for Moratorium, Works on New Stablecoin to Repay US$766M Loss — Fintech Singapore","type":"news_article","credibility":2}],"severity":"critical"},{"content":"Among the most directly affected creditors was Southeast Asian crypto exchange Zipmex, which disclosed a combined $53 million exposure to Babel Finance ($48 million) and Celsius Network ($5 million). Zipmex had been Babel's deployment partner since November 2020, and the exchange stated that Babel had repaid all prior loans with accrued interest before the June 2022 crisis. The Babel default caused Zipmex to halt withdrawals on its own platform on July 20, 2022, and to file for creditor protection in Singapore days later. Derivatives exchange Deribit was also named as a Babel creditor and raised concerns with the Singapore court regarding the restructuring plan, requesting that Alvarez and Marsal be appointed as an independent advisor. The full universe of creditor claims was estimated at up to $800 million when combining all outstanding obligations.","heading":"Creditor Exposure — Zipmex and Others","sources":[{"url":"https://www.coindesk.com/markets/2022/07/21/zipmex-confirms-loans-worth-53m-to-babel-and-celsius","name":"Zipmex Confirms Loans Worth $53M to Babel and Celsius — CoinDesk","type":"news_article","credibility":2},{"url":"https://cryptopotato.com/zipmex-resumes-withdrawals-discloses-53m-exposure-to-babel-and-celsius/","name":"Zipmex Resumes Withdrawals, Discloses $53M Exposure to Babel and Celsius — CryptoPotato","type":"news_article","credibility":2},{"url":"https://www.blockhead.co/2023/04/19/babel-begins-in-court-restructuring-creditor-protection-extended/","name":"Babel Begins In-Court Restructuring, Creditor Protection Extended — Blockhead","type":"news_article","credibility":2},{"url":"https://www.thejakartapost.com/business/2022/07/31/crypto-platform-zipmex-files-for-bankruptcy-protection-in-singapore.html","name":"Crypto platform Zipmex files for bankruptcy protection in Singapore — The Jakarta Post","type":"news_article","credibility":2}],"severity":"high"},{"content":"In early July 2022, Babel Finance engaged U.S. restructuring specialist Houlihan Lokey as its financial adviser, according to reporting by CoinDesk and Bloomberg Law. Co-founder Wang Li was removed from the company's leadership, with Babel asserting that 'the risky trading activities appear to have been instructed solely by Wang.' Co-founder Yang Zhou (also known as Flex Yang), who had largely exited the company in 2021, returned as sole director to lead restructuring efforts. On March 6, 2023, Babel formally filed a moratorium application in the General Division of the High Court of Singapore under Section 64 of the Insolvency, Restructuring and Dissolution Act, seeking up to six months of creditor protection while a scheme of arrangement was prepared. The Singapore court subsequently extended Babel's creditor protection period to July 21, 2023.","heading":"Restructuring Proceedings and Adviser Engagement","sources":[{"url":"https://www.coindesk.com/business/2022/07/01/troubled-crypto-lender-babel-finance-looking-to-hire-restructuring-specialist-houlihan-lokey-sources","name":"Troubled Crypto Lender Babel Finance Looking to Hire Restructuring Specialist Houlihan Lokey — CoinDesk","type":"news_article","credibility":2},{"url":"https://news.bloomberglaw.com/bankruptcy-law/babel-finance-taps-restructuring-adviser-amid-liquidity-crunch","name":"Babel Finance Taps Restructuring Adviser Amid Liquidity Crunch — Bloomberg Law","type":"news_article","credibility":1},{"url":"https://www.prnewswire.com/news-releases/babel-finance-files-moratorium-application-in-singapore-high-court-301763460.html","name":"Babel Finance Files Moratorium Application in Singapore High Court — PR Newswire","type":"official","credibility":1},{"url":"https://www.blockhead.co/2023/04/19/babel-begins-in-court-restructuring-creditor-protection-extended/","name":"Babel Begins In-Court Restructuring, Creditor Protection Extended — Blockhead","type":"news_article","credibility":2}],"severity":"high"},{"content":"As part of its restructuring plan filed in March 2023, Babel proposed repaying creditors through revenue generated by a new DeFi platform. Yang Zhou and several former Babel employees were developing a project called 'Hope,' featuring a crypto-backed stablecoin of the same name initially collateralized by Bitcoin and Ether, alongside instruments called 'Babel Recovery Coins.' According to Bloomberg, the restructuring plan envisioned creditors converting their claims into a stake in the new platform's economics rather than receiving cash recoveries. Creditor Deribit raised formal objections to the plan in Singapore court. The viability of a recovery mechanism reliant on a newly issued token and an unproven DeFi platform was questioned by analysts and creditors alike, given that the total deficit to be addressed was approximately $766 million. Separately, TechCrunch reported in March 2023 that Yang Zhou had launched a distinct DeFi venture called Flex, further separating the founder's activities from Babel's formal restructuring.","heading":"Recovery Coin Proposal and HOPE Stablecoin","sources":[{"url":"https://www.bloomberg.com/news/articles/2023-03-05/babel-finance-envisions-defi-coin-at-center-of-restructuring-after-huge-loss","name":"Babel Pitches 'Recovery Coin' to Repay Creditors After $766 Million Loss — Bloomberg","type":"news_article","credibility":1},{"url":"https://decrypt.co/122778/babel-finance-mulls-new-token-launch-repay-creditors","name":"Babel Finance Mulls New Token Launch to Repay Creditors — Decrypt","type":"news_article","credibility":2},{"url":"https://techcrunch.com/2023/03/13/babel-flex-yang-stablecoin/","name":"Founder of troubled crypto asset unicorn Babel launches new DeFi project, stablecoin — TechCrunch","type":"news_article","credibility":1},{"url":"https://www.fxstreet.com/cryptocurrencies/news/heres-how-babel-finance-plans-to-repay-766-million-to-creditors-through-stablecoin-recovery-coin-202303060621","name":"Here's how Babel Finance plans to repay $766 million to creditors through stablecoin 'Recovery Coin' — FXStreet","type":"news_article","credibility":2}],"severity":"high"},{"content":"Babel Finance's collapse occurred during a period of cascading failures across crypto lending and hedge fund sectors in mid-2022. The firm was among the third wave of major crypto finance entities to freeze operations after Celsius Network and Three Arrows Capital. Babel had counterparty exposure to Three Arrows Capital, whose own insolvency contributed to the liquidity spiral. The sequential failures of these entities exposed structural vulnerabilities in the crypto lending model, where firms were routinely rehypothecating client assets in undisclosed proprietary trading strategies. Babel's case was notable because its losses were incurred in a matter of days during the June 2022 Bitcoin price collapse, demonstrating how rapidly unhedged directional exposure could wipe out a multi-billion-dollar balance sheet. The episode contributed to sustained regulatory scrutiny of crypto lending firms across multiple jurisdictions.","heading":"Broader Market Context and Contagion","sources":[{"url":"https://www.blockhead.co/2022/06/20/singapore-based-crypto-lender-babel-finance-on-verge-of-collapse/","name":"Singapore Based Crypto Lender Babel Finance on Verge of Collapse — Blockhead","type":"news_article","credibility":2},{"url":"https://fortune.com/2022/07/29/crypto-lender-babel-reportedly-lost-280-million-trading-with-customer-funds/","name":"Struggling crypto lender Babel reportedly lost $280 million trading with customer funds — Fortune","type":"news_article","credibility":1},{"url":"https://gizmodo.com/babel-crypto-bitcoin-1849349060","name":"Crumbling Tower of 'Babel' Traded $280 Million of Users' Crypto, Lost It All — Gizmodo","type":"news_article","credibility":2}],"severity":"high"}],"timeline":[{"date":"2018","event":"Babel Finance founded in Hong Kong as a crypto lending and financial services firm.","source":"TechCrunch","source_url":"https://techcrunch.com/2022/05/25/crypto-asset-management-babel-2-billion-valuation/","date_original":"2018-01-01"},{"date":"2022-05-25","event":"Babel Finance announces completion of $80 million Series B funding round at a $2 billion valuation, achieving unicorn status. Investors include Jeneration Capital, 10T Holdings, Dragonfly Capital, BAI Capital, and Circle Ventures.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2022/05/25/crypto-lender-babel-finance-lands-unicorn-status-after-80m-series-b"},{"date":"2022-06-17","event":"Babel Finance suspends all product redemptions and withdrawals, informing partners the company is insolvent and citing 'unusual liquidity pressures.'","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2022/06/17/babel-finance-suspends-withdrawals-citing-unusual-liquidity-pressures"},{"date":"2022-06-30","event":"Bitcoin falls from approximately $30,000 to $20,000 during June 2022, triggering forced liquidations of Babel's unhedged proprietary trading positions. Approximately 8,000 BTC and 56,000 ETH are lost.","source":"The Block","source_url":"https://www.theblock.co/post/160230/babel-finance-crypto-lost-280-million-proprietary-trading-restructuring"},{"date":"2022-07","event":"Babel Finance reported to be engaging restructuring specialist Houlihan Lokey as financial adviser.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2022/07/01/troubled-crypto-lender-babel-finance-looking-to-hire-restructuring-specialist-houlihan-lokey-sources","date_original":"2022-07-01"},{"date":"2022-07-20","event":"Zipmex halts withdrawals on its own platform after disclosing $48 million exposure to Babel Finance and $5 million exposure to Celsius Network.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2022/07/21/zipmex-confirms-loans-worth-53m-to-babel-and-celsius"},{"date":"2022-07-29","event":"Babel Finance's restructuring proposal deck, dated July 2022, is reported on by Bloomberg and The Block, revealing that the firm lost over $280 million (approximately 8,000 BTC and 56,000 ETH) through proprietary trading of customer funds with no risk controls.","source":"Bloomberg","source_url":"https://www.bloomberg.com/news/articles/2022-07-29/troubled-crypto-lender-babel-lost-big-while-trading-client-funds"},{"date":"2022-07-31","event":"Zipmex files for creditor protection in Singapore following the Babel Finance default.","source":"The Jakarta Post","source_url":"https://www.thejakartapost.com/business/2022/07/31/crypto-platform-zipmex-files-for-bankruptcy-protection-in-singapore.html"},{"date":"2022-12","event":"Co-founder Wang Li removed from Babel Finance leadership. Company states that risky trading activities appear to have been instructed solely by Wang Li.","source":"Fintech Singapore","source_url":"https://fintechnews.sg/70299/hong-kong/babel-finance-files-for-moratorium-works-on-new-stablecoin-to-repay-us766m-loss/","date_original":"2022-12-01"},{"date":"2023-03-05","event":"Bloomberg reports Babel Finance is proposing a 'Recovery Coin' DeFi mechanism as the centerpiece of its restructuring plan to address $766 million in total creditor losses.","source":"Bloomberg","source_url":"https://www.bloomberg.com/news/articles/2023-03-05/babel-finance-envisions-defi-coin-at-center-of-restructuring-after-huge-loss"},{"date":"2023-03-06","event":"Babel Finance files a moratorium application in the General Division of the High Court of Singapore under Section 64 of the Insolvency, Restructuring and Dissolution Act.","source":"PR Newswire (official filing announcement)","source_url":"https://www.prnewswire.com/news-releases/babel-finance-files-moratorium-application-in-singapore-high-court-301763460.html"},{"date":"2023-04-19","event":"Singapore court extends Babel Finance's creditor protection and the firm begins formal in-court restructuring proceedings.","source":"Blockhead","source_url":"https://www.blockhead.co/2023/04/19/babel-begins-in-court-restructuring-creditor-protection-extended/"},{"date":"2023-07-21","event":"Babel Finance's Singapore creditor protection period extended to July 21, 2023, as the firm continues restructuring negotiations.","source":"Fintech Singapore","source_url":"https://fintechnews.sg/70299/hong-kong/babel-finance-files-for-moratorium-works-on-new-stablecoin-to-repay-us766m-loss/"}],"sources_used":[{"url":"https://www.coindesk.com/business/2022/06/17/babel-finance-suspends-withdrawals-citing-unusual-liquidity-pressures","name":"Babel Finance Suspends Withdrawals, Citing 'Unusual Liquidity Pressures' — CoinDesk","type":"news_article","archive_url":"http://web.archive.org/web/20260506150620/https://www.coindesk.com/business/2022/06/17/babel-finance-suspends-withdrawals-citing-unusual-liquidity-pressures","credibility":2,"archive_timestamp":"2026-05-06T15:06:20+00:00"},{"url":"https://fortune.com/2022/06/17/crypto-lender-babel-finance-suspends-withdrawals-market/","name":"Crypto lender Babel Finance suspends withdrawals — Fortune","type":"news_article","archive_url":"https://web.archive.org/web/20260724224412/https://fortune.com/2022/06/17/crypto-lender-babel-finance-suspends-withdrawals-market/","credibility":1,"archive_timestamp":"2026-07-24T22:44:12+00:00"},{"url":"https://www.theblock.co/post/160230/babel-finance-crypto-lost-280-million-proprietary-trading-restructuring","name":"Babel Finance lost over $280 million in proprietary trading with customer funds — The Block","type":"news_article","archive_url":"http://web.archive.org/web/20260618023919/https://www.theblock.co/post/160230/babel-finance-crypto-lost-280-million-proprietary-trading-restructuring","credibility":2,"archive_timestamp":"2026-06-18T02:39:19+00:00"},{"url":"https://www.coindesk.com/business/2022/07/29/babel-finance-lost-280m-trading-customer-funds-report","name":"Lender Babel Finance Lost $280M Trading Customer Funds: Report — CoinDesk","type":"news_article","archive_url":"http://web.archive.org/web/20260207205721/https://www.coindesk.com/business/2022/07/29/babel-finance-lost-280m-trading-customer-funds-report","credibility":2,"archive_timestamp":"2026-02-07T20:57:21+00:00"},{"url":"https://www.bloomberg.com/news/articles/2022-07-29/troubled-crypto-lender-babel-lost-big-while-trading-client-funds","name":"Troubled Crypto Lender Babel Finance Lost Big While Trading Client Funds — Bloomberg","type":"news_article","archive_url":"http://web.archive.org/web/20250725172100/https://www.bloomberg.com/news/articles/2022-07-29/troubled-crypto-lender-babel-lost-big-while-trading-client-funds","credibility":1,"archive_timestamp":"2025-07-25T17:21:00+00:00"},{"url":"https://www.coindesk.com/business/2022/05/25/crypto-lender-babel-finance-lands-unicorn-status-after-80m-series-b","name":"Crypto Lender Babel Finance Lands Unicorn Status After $80M Series B — CoinDesk","type":"news_article","archive_url":"https://web.archive.org/web/20260725053411/https://www.coindesk.com/business/2022/05/25/crypto-lender-babel-finance-lands-unicorn-status-after-80m-series-b","credibility":2,"archive_timestamp":"2026-07-25T05:34:11+00:00"},{"url":"https://www.prnewswire.com/news-releases/babel-finance-closes-us80-million-series-b-fundraising-round-at-us2-billion-valuation-301554729.html","name":"Babel Finance closes US$80 million Series B — PR Newswire","type":"official","archive_url":"http://web.archive.org/web/20260306123017/https://www.prnewswire.com/news-releases/babel-finance-closes-us80-million-series-b-fundraising-round-at-us2-billion-valuation-301554729.html","credibility":1,"archive_timestamp":"2026-03-06T12:30:17+00:00"},{"url":"https://techcrunch.com/2022/05/25/crypto-asset-management-babel-2-billion-valuation/","name":"Crypto asset manager Babel Finance reaches $2B valuation — TechCrunch","type":"news_article","archive_url":"https://web.archive.org/web/20260725050850/https://techcrunch.com/2022/05/25/crypto-asset-management-babel-2-billion-valuation/","credibility":1,"archive_timestamp":"2026-07-25T05:08:50+00:00"},{"url":"https://www.coindesk.com/markets/2022/07/21/zipmex-confirms-loans-worth-53m-to-babel-and-celsius","name":"Zipmex Confirms Loans Worth $53M to Babel and Celsius — CoinDesk","type":"news_article","archive_url":"https://web.archive.org/web/20260725095049/https://www.coindesk.com/markets/2022/07/21/zipmex-confirms-loans-worth-53m-to-babel-and-celsius","credibility":2,"archive_timestamp":"2026-07-25T09:50:49+00:00"},{"url":"https://cryptopotato.com/zipmex-resumes-withdrawals-discloses-53m-exposure-to-babel-and-celsius/","name":"Zipmex Resumes Withdrawals, Discloses $53M Exposure to Babel and Celsius — CryptoPotato","type":"news_article","archive_url":"http://web.archive.org/web/20251117012054/https://cryptopotato.com/zipmex-resumes-withdrawals-discloses-53m-exposure-to-babel-and-celsius/","credibility":2,"archive_timestamp":"2025-11-17T01:20:54+00:00"},{"url":"https://www.thejakartapost.com/business/2022/07/31/crypto-platform-zipmex-files-for-bankruptcy-protection-in-singapore.html","name":"Crypto platform Zipmex files for bankruptcy protection in Singapore — The Jakarta 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Bloomberg Law","type":"news_article","archive_url":"https://web.archive.org/web/20260724230705/https://news.bloomberglaw.com/bankruptcy-law/babel-finance-taps-restructuring-adviser-amid-liquidity-crunch","credibility":1,"archive_timestamp":"2026-07-24T23:07:05+00:00"},{"url":"https://www.prnewswire.com/news-releases/babel-finance-files-moratorium-application-in-singapore-high-court-301763460.html","name":"Babel Finance Files Moratorium Application in Singapore High Court — PR Newswire","type":"official","archive_url":"https://web.archive.org/web/20260725194814/https://www.prnewswire.com/news-releases/babel-finance-files-moratorium-application-in-singapore-high-court-301763460.html","credibility":1,"archive_timestamp":"2026-07-25T19:48:14+00:00"},{"url":"https://www.blockhead.co/2023/04/19/babel-begins-in-court-restructuring-creditor-protection-extended/","name":"Babel Begins In-Court Restructuring, Creditor Protection Extended — Blockhead","type":"news_article","archive_url":"http://web.archive.org/web/20260518025214/https://www.blockhead.co/2023/04/19/babel-begins-in-court-restructuring-creditor-protection-extended/","credibility":2,"archive_timestamp":"2026-05-18T02:52:14+00:00"},{"url":"https://www.bloomberg.com/news/articles/2023-03-05/babel-finance-envisions-defi-coin-at-center-of-restructuring-after-huge-loss","name":"Babel Pitches 'Recovery Coin' to Repay Creditors After $766 Million Loss — Bloomberg","type":"news_article","archive_url":null,"credibility":1,"archive_error":"error:no-request","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://decrypt.co/122778/babel-finance-mulls-new-token-launch-repay-creditors","name":"Babel Finance Mulls New Token Launch to Repay Creditors — 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