Vauld Pauses Client Withdrawals, Seeks Advice on Future Restructuring

Vauld is the latest company to pause customer withdrawals amid market turmoil. It’s a Singapore-based trading and lending platform for cryptocurrencies, with most of its employees headquartered in India. The company has “taken the tough choice to suspend all withdrawals, trading, and deposits on the Vauld platform with immediate effect,” according to CEO Darshan Bathija in a blog post published on Monday. 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 (@VauldOfficial) July 4, 2022 According to Bathija, several variables, such as an unstable market and the financial troubles of business partners, are contributing to Vauld’s financial difficulties. According to Bathija, the implosion of the TerraUSD stablecoin, Celsius’s decision to cease withdrawals, and Three Arrows Capital’s problems were the causes of the platform’s customer withdrawals, which totaled approximately $198 million since June 12. Vauld Opens For Restructuring Options Vauld is open to future reorganizational strategies. To that purpose, the company has appointed Kroll as its financial advisor, Cyril Amarchand Mangaldas as its legal counsel in India, and Rajah & Tann Singapore LLP as its legal advisor in Singapore. Vauld is currently also in discussions wit...