Crypto Lender Vauld Halts Withdrawals As Stress Mounts On Crypto Industry

Leading cryptocurrency lender Nexo has offered to buy distressed competitor Vauld, which halted operations in the face of financial difficulties. The proposal comes after the Singapore-based company said it was exploring restructuring options. Nexo Secures Exclusive Agreement to Explore Vauld’s Acquisition Singapore-based crypto lending and trading platform Vauld, which announced suspension of withdrawals and other transactions for customers, has been offered a way out of its troubles. On Tuesday, major crypto lender Nexo unveiled it had signed an indicative term sheet with Vauld....

On July 4, the crypto lending company Vauld announced it suspended withdrawals, trading, and deposits after disclosing the firm is “facing challenges.” While not naming any specific companies, the Singapore-based cryptocurrency lending platform and exchange mentioned “financial difficulties” stemming from “key business partners.” Vauld Suspends Withdrawals Over ‘Financial Difficulties’ During the last 30 days, a number of cryptocurrency lending platforms have revealed that their finances are not very sound. For instance,....

The crypto exchange, which is backed by Peter Thiel and Coinbase, halted withdrawals in July following an apparent run on its assets. Singapore crypto exchange Vauld Group is seeking a moratorium against its creditors — a move that would give the troubled lender more time to restructure its business after collapsing asset prices impacted its operations earlier this month.Vauld filed an application in Singapore on July 8 seeking a moratorium order, The Wall Street Journal reported Wednesday. If granted, the moratorium would provide the distressed lender more time to seek out a proper....

Not your keys, not your coins. Crypto CeFi lender Vauld has suspended “all withdrawals, trading and deposits.” Crypto contagion claims another casualty. In a statement, Singapore-based crypto exchange Vauld has made the “difficult decision to suspend all withdrawals, trading and deposits on the Vauld platform with immediate effect.”In what appears to be a run on the crypto bank, the group intends to “apply to the Singapore courts for a moratorium,” as Vauld customers have tried to withdraw an “excess of a $197.7 million since 12 June 2022.”The decision to suspend withdrawals is a....

Singapore-based Vauld will have some breathing space after the country’s High Court gave its parent company creditor protection for the next three months. The decision comes as the troubled crypto lending platform seeks acquisition by rival Nexo. Vauld to Have 3 Months for Restructuring, Due Diligence by Nexo The Singapore High Court has granted the parent company of crypto lender Vauld, Defi Payments Ltd., a three-month protection from creditors, Bloomberg reported, noting this would allow Vauld to restructure and prepare for a potential acquisition by competitor Nexo, a....