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Editor | WuBlockchain Babel Finance was a leader in cryptocurrency lending and wealth management. During the market crash on March 12, 2020 (also known as 312), Babel nearly went bankrupt due to its high-risk operational model but was rescued by Tether’s leniency and the subsequent market recovery. On May 26, 2022, Babel announced the completion of its Series B financing, raising $80 million at a valuation of $2 billion, officially becoming a unicorn. However, on June 17, 2022, Babel informed its partners: “We are insolvent.” The official website then suspended product redemptions and withdrawals. Yang Zhou is a co-founder of Babel Finance but largely exited the company in 2021. The interviewer in the video is Bill. Please subscribe to Bill’s personal Youtube channel and Xiaoyuzhou. WuBlockchain authorized the reprint and publication of this content. Background information: Previous article: Investigation into Babel Finance’s Business Model: Why Did it Collapse Two Years Ago on March 1...

A substantial legal dispute has arisen between Genesis Global Capital and Gemini Trust. Genesis , a cryptocurrency lender, has initiated legal proceedings against its former partner, Gemini, aiming to recover a sum exceeding $689 million. The filed court documents, submitted, asserted that Gemini conducted preferential transfers totaling around $689,302,000, disadvantaging other creditors. This has ignited a contentious legal clash that sheds light on the intricacies and obstacles within the cryptocurrency sector. Origins of the Conflict The Genesis-Gemini conflict can be traced back to the collapse of FTX. This was a pivotal event that set the stage for a series of legal and public confrontations. Faced with financial instability, Genesis filed for bankruptcy in January. Subsequently, its parent company, Digital Currency Group (DCG), encountered legal action from Gemini in July. This was with Gemini dismissing the claims as “defamatory” and a “publicity stunt....