Singapore-based cVauld has become the latest crypto lending and trading platform to suspend withdrawals and trading in the wake of the cryptocurrency market crisis, according to a report by DealStreetAsia.
Singapore-based Vauld has become the latest crypto lending and trading platform to suspend withdrawals and trading in the wake of the cryptocurrency market crisis, according to a report by DealStreetAsia.
A blog post by CEO Darshan Bathija cited the reason for the decision as “financial challenges” due to “the volatile market conditions, the financial difficulties of our key business partners inevitably affecting us, and the current market climate which has led to a significant amount of customer withdrawals in excess of a $197.7 million since June 12.”
Vauld is reported to have appointed legal and financial advisers, and said to be in discussions with potential investors. The firm is also planning to give itself time to carry out a restructuring by applying to the Singapore courts to halt any proceedings against it.
