The deck, dated July 2022, reveals that Babel Finance lost more than $280 million in bitcoin (BTC) and ether (ETH) due to its proprietary trading failure. Specifically, it lost around 8,000 BTC and 56,000 ETH in June after facing liquidation due to a significant market downturn.

As part of its rescue plan, Babel now seeks to raise hundreds of millions of dollars in debt and equity investments.

First, it seeks to convert $150 million of the biggest creditors' debt to convertible bonds, per the deck.

Additionally, it looks to raise $250 million to $300 million in convertible bonds and then secure a revolving credit of $200 million from creditors "for business restoration."

The plan, if successful, would turn Babel's largest creditors into shareholders.

It remains to be seen whether Babel — which is backed by high-profile investors including Sequoia Capital China, Dan Tapiero's 10T Holdings, Dragonfly Capital and Circle Ventures — will be able to raise fresh capital.