BREAKING: Vauld halts client withdrawals and hires advisors for potential restructuring By Yogita_Khatri5
Vauld, a Singapore-based crypto trading and lending platform with operations in India, has suspended withdrawals.Vauld, a Singapore-based crypto trading and lending platform with most of its team in India, has become the latest crypto firm to halt customer withdrawals amid the market tumult.in a blog post on Monday that the firm has"made the difficult decision to suspend all withdrawals, trading and deposits on the Vauld platform with immediate effect.
Vauld is struggling financially due to a combination of factors, including a volatile market and the financial difficulties of business partners, according to Bathija. Since June 12, the platform has seen customer withdrawals of nearly $198 million, triggered by the implosion of the TerraUSD stablecoin, Celsius's decision to halt withdrawals and Three Arrows Capital's woes, said Bathija.
Vauld is open to potential restructuring options. To that end, the firm has hired Kroll as its financial advisor and Cyril Amarchand Mangaldas and Rajah & Tann Singapore LLP as its legal advisors in India and Singapore, respectively. "Our management remains fully committed to working with our financial and legal advisors to the best of our abilities to explore and analyse all possible options, including potential restructuring options, that would best protect the interests of Vauld's stakeholders," said Bathija."We intend to apply to the Singapore courts for a moratorium i.e.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Yogita is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times. She can be reached at
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