Babel Finance suffers Executive Exits in the middle of liquidity bottlenecks

Babel Finance suffers Executive Exits in the middle of liquidity bottlenecks

Blockworks has learned that a mix of layoffs and voluntary resignations made a round of the youngest exits from the competitive crypto loan Babel Finance. The departures are still in progress, said a source familiar with the matter.

Babels exit shaft of employees was first reported by of the block . Blockworks confirmed independently that Yulong Liu, who worked as head of the partnerships at Babel for almost three years, and communication director are among the departing in the near future jocynth Wang .

Lius LinkedIn profile seems to be deleted, while Wang's profile shows that she has been with Babel for three months. Liu could not be reached and Wang did not respond to the request from Blockworks after a comment.

The Babel company, based in Hong Kong, lost its brand leadership Yiwei Wang . He said Blockworks that he had left voluntarily in mid -April to find new opportunities.

Babel Finance was founded in 2018 and offers institutions, wealthy accredited investors and crypto miners credit and trading services for Bitcoin, ether and stable coins. His donors include Sequoia Capital China, Tiger Global Management and Dragonfly Capital.

Blockworks confirmed that other employees have left Babel's partnership team under the direction of Liu. This includes global partnership directors sean yang and Xaver Xiang and another member of the same team, Jiang . After working at Babel for less than a year, all three left the company in June. Blockworks has not received an independent confirmation of whether they went voluntarily.

other important employees have reportedly deleted their LinkedIn profiles. Among them are Lei Tong and Ryan Wu, Managing Director and Chief Operating Officer.

The departures are made because Babel is faced with a critical lack of money. The lender abruptly exposed withdrawal on June 17th-with reference to "unusual liquidity print"-similar to the competitor Celsius, Finblox and Coinflex. Shortly afterwards, Babel terminated to manage his liquidity status, but since then no update has not provided this matter.

reported that Babel had 170 employees in May, but his Linkedin now shows that 44 people work there. The reduced number can be attributed to deleted profiles.

The company, which had around 500 institutional customers in May, recently collected $ 80 million with $ 2 billion. At the end of 2021 it had an outstanding loan balance of according to press materials.