Crypto lender Vauld granted three-month protection from creditors
Vauld's parent company Defi Payments Ltd says the moratorium granted on Monday will give it the necessary breathing room to form a restructuring plan. Embattled crypto lending platform Vauld has been granted a short period of reprieve from creditors after being given a three-month moratorium by the Singapore High Court on Monday. Its initial request by Vauld's parent company Defi Payment Limited for a six-month moratorium was reportedly denied by Justice Aedit Abdullah on August 1, citing concerns that a lengthier moratorium "won't get adequate supervision and monitoring," according to a....
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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....
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....
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....
Troubled crypto exchange Zipmex has time to come up with a restructuring plan by Dec. 2 after halting withdrawals in July. Cryptocurrency exchange Zipmex has gotten a chance to sort out liquidity issues as a court in Singapore has granted the firm with more than three months of creditor protection.Singapore’s High Court has ruled to give each of the five Zipmex entities a moratorium until Dec. 2, 2022 to come up with a restructuring plan, Bloomberg reported on Monday.The action aims to protect Zipmex from potential creditor lawsuits during the moratorium period after the exchange abruptly....
Vauld’s CEO has said that the crypto exchange is halting all trading, deposits, and withdrawals owing to financial difficulties. Vauld Suspends Withdrawal As it navigates “financial challenges,” Vauld, a Singapore-based cryptocurrency lending and exchange firm, has suspended withdrawals, trading, and deposits on its platform. The three-year-old firm, which has raised approximately $27 million from investors […]