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Vauld announces suspension of withdrawals

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According to an official announcement on July 4, the cryptocurrency exchange Vauld announced that it would immediately suspend all withdrawals, transactions, and deposits on the Vauld platform.

Vauld said the platform still faces financial challenges due to a combination of circumstances such as volatile market conditions, the impact of the financial difficulties of its key business partners, and the current market conditions that have led to the impact since June 12.

Over $197.7 million in massive customer withdrawals. In addition, the platform said Vauld had engaged Kroll Pte Limited as a financial advisor and Cyrill Amarchand Mangaldas and Rajah & Tann Singapore LLP as its legal advisors to explore and analyze all possible options, including potential restructuring options, to best protect the interests of Vauld stakeholders.

Vauld is currently in discussions with potential investors and intends to apply to a Singapore court for a moratorium, that is, a moratorium on the initiation of any lawsuits bought against the companies in question to give breathing room to carry out the proposed restructuring work.

Before the news on June 21, Vauld announced that it would lay off 30% of its staff and would take a number of measures to cut operating costs