Crypto platform Vauld suspends withdrawals

The company has also engaged financial and legal advisors to carry out restructuring

04.07.2022 - 11:45

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What’s new? Crypto platform Vauld suspended its withdrawal, trading, and depositing functions and hired advisors to carry out restructuring. Representatives of Vauld explained that the company was negatively affected by the market volatility and the financial difficulties of its partners. In addition, the company noted that amid the collapse of the Terra ecosystem, the suspension of withdrawals by the Celsius platform, and the bankruptcy of the hedge fund Three Arrows Capital, its customers have withdrawn more than $197,7 million from the platform since June 12.

The company’s statement

More details about Vauld’s plans. According to the company’s representatives, the advice from financial and legal advisors will help it find a solution that will protect the interests of its customers. Vauld has engaged Kroll Pte, a corporate investigations firm, as its financial advisor and law firms Cyril Amarchand Mangaldas and Rajah & Tann Singapore as its legal advisors in India and Singapore respectively. The company is also in talks with potential investors.

Vauld is a digital asset transaction platform founded in 2018 by Sanju Soni Kurian and Darshan Bathija in Singapore. It provides trading, lending, and borrowing functions.

Earlier, the head of the BnkToTheFuture platform Simon Dixon published three options for Celsius’ recovery that would preserve shareholders’ and depositors’ funds. One of them involves restructuring and allowing depositors to benefit through financial engineering.

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