Babel Finance Reportedly Loses Top Employees Amid Insolvency Rumors
According to crypto news and research website The Block, beleaguered crypto lender Babel Finance is starting to lose several key employees just weeks after the firm suspended withdrawals and battled Insolvency rumors.
Head of global partnerships at Babel deleted his LinkedIn profile
Reports have it that some of Babel Finance key employees have called it quits during the last few weeks which saw the crypto lender involved in a scandal and the subsequent pause of withdrawals of clients’ funds.
According to The Block News, one of such employees is Yulong Liu, head of global partnerships, he reportedly has plans to leave by the end of this month or early next month. Liu is a prominent employee of Babel as he represented the firm at public events.
He recently updated LinkedIn to notify that he left Babel this month and has since deleted his profile. Liu has worked for Babel Finance for nearly three years. A spokesperson for Babel told the Block that Liu is still working for Babel and refused to comment on his planned resignation.
Babel Finance raised $80 million in a series B funding last month just before they began having issues and they discussed plans to expand globally, especially in the UK and Latin America. The firm has however said it had reached “preliminary agreements on the repayment period of some debts”.
Top economist Mohamed El-Erian says crypto is just a new innovation finding its footing.
During a yahoo finance livestream El-Erian, chief economic adviser at financial services firm Allianz and president of Queens’ College at Cambridge said “Crypto is going through what most innovations go through,”
The “crypto winter” or ongoing bear market has gotten a lot of experts’ input and some have insisted the turn of events is completely normal. El-Erian opined that crypto is currently in “round one” of its development, characterized by overproduction and overconsumption.
We saw lots of people coming in who didn’t quite understand what that crypto space really is…They just saw prices going up and thought they would go forever, so we had a massive speculative demand.” said El-Erian adding that he has seen this market pattern play out time and again.
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