On July 4, the crypto lender Vauld announced it suspended withdrawals, trading, and deposits after disclosing the firm is “facing challenges.”
the crypto company was “temporarily suspending trading, deposits, withdrawals and loyalty rewards.”
Vauld revealed it was doing the same on Monday, July 4, when the company tweeted: “We are facing challenges despite our best efforts. This is due to a combination of circumstances such as the volatile market conditions, the financial difficulties of our key business partners inevitably affecting us, and the current market climate,” Vauld’s founderThis has resulted in significant customer withdrawals in excess of $197.
Vauld continued by highlighting that the startup is currently working with financial and legal advisors in India and Singapore. The firm also mentioned the company is talking about restructuring options with the advisors and methods that would “best protect the interests of Vauld’s stakeholders.” Vauld intends to apply with the Singapore courts to protect the firm from any proceedings and ask for time so Vauld can have “breathing space to carry out the proposed restructuring exercise.
In the meantime, we have made the difficult decision to suspend all withdrawals, trading, and deposits on the Vauld platform [effective immediately]. Bathija says that the company believes the suspension will help Vauld explore potential restructuring options. While Vauld mentioned a massive number of withdrawals took place on June 12, the same day Celsius paused operations, Blockfi’s co-founder Zac Prince noted that his companyFollowing Vauld’s announcement, customers were
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