(Bloomberg) -- A top executive at Babel Finance is betting a new stablecoin can resolve the troubled crypto lender’s financial crisis, which came to a head last year when it froze withdrawals.

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Co-founder Yang Zhou, now sole director of Babel, is planning to file a moratorium of protection to the high court of Singapore, asking creditors not to take further action against the company for up to six months as it seeks their approval on a restructuring plan.

The plan detailed in the filing proposes repaying debts owed to creditors with revenue generated by a new decentralized finance project minting so-called “Babel Recovery Coins,” according to a document viewed by Bloomberg News. Yang declined to comment.

Babel hit trouble last year during the crypto market’s meltdown after the company’s proprietary trading desk ran up an order-book deficit of $766 million using customer funds.

The filing alleges co-founder Wang Li — who was removed from the company’s leadership in December — was responsible for the losses, contending that “the risky trading activities appear to have been instructed solely by Wang.”

Wang, in a text message to Bloomberg, said he is aware of the court filing, but did not provide additional commentary.

Babel estimates $524 million worth of Bitcoin, Ether and other tokens owned by the company and its customers was lost as a result of Wang’s trading activities. Another $224 million was also lost when Babel counterparties liquidated collateral after it was unable to meet a large volume of margin calls.

Restructuring ‘Hope’

Yang — who has resumed leadership of Babel after previously stepping down — plans to build out the DeFi project at the center of the restructuring, called Hope, with a few former Babel employees in Hong Kong, according to people familiar with the matter.