The Singapore-based crypto exchange, Vauldis the latest platform to suspend all withdrawals, deposits and trading operations citing “financial challenges” amid continued difficult market conditions.
In a blog post published today, the CEO Darshan Bathija said the platform was “facing financial challenges” due to a combination of factors, including the difficulties of their business partners and the current market uncertainty which has led to a significant amount of customer withdrawals – exceeding 197 $.7 million since June 12.
“We therefore felt that it would be in the best interest of the stakeholders to take immediate action given the circumstances,” Mr. Bathija said, adding that they would work with financial and legal advisers to explore any possible options, including restructuring, to help the company deal with these difficulties.
He also said that Vauld intended to apply to the Singapore courts for a moratorium, that is, a formal period of delay in the performance of a legal obligation or the payment of a debt, which would give the company “breathing time” to complete the proposed restructuring operation.
“In the meantime, we have taken the difficult decision to suspend all withdrawals, transactions and deposits to the Vauld platform with immediate effect,” Bathija added. “We believe this will help facilitate our exploration of the suitability of potential restructuring options, together with our financial and legal advisors.”
Founded in 2018, Vauld enables clients to buy, lend, borrow and trade crypto-assets from a unified platform. The crypto exchange is headquartered in Singapore and most of its workforce is based in India.
On June 21, Vauld had announced the layoff of 30% of its workforce amid the recent crypto industry debacle that has negatively affected the performance of many crypto platforms.
The exchange is also backed by some of the biggest names in the industry, including the venture capital arm of one of the market’s leading crypto exchanges. Coinbase, Pantera Capital, Valar Ventures, CMT-Digital, Gumi Cryptosthe founder of Compound Labs, Robert Leshnerand Cadenza Capital.
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