Crypto asset trading and lending platform Vauld has become the latest platform to suspend withdrawals.
Vauld, a Singapore-based crypto asset trading and lending platform operating in India, announced that it has paused withdrawals. The company has also hired financial and legal advisors for possible restructuring.
Vauld Celsius became the last platform to stop withdrawals after industry-leading players such as Voyager and Babel Finance. “A difficult decision has been made to immediately suspend all withdrawals, trading and deposits,” said a blog post by CEO Darshan Bathija. CEO Vauld’s volatile market, partners’ financial difficulties, etc. He said that he struggled with many factors such as:
“Our management is fully committed to working with our financial and legal advisers to the best of our abilities to explore and analyze all possible options, including potential restructuring options, that will best protect the interests of Vauld’s stakeholders.”
Backed by high-profile investors such as billionaire entrepreneur and venture capitalist Peter Thiel’s Valar Ventures, Coinbase Ventures and Pantera Capital, Vauld has raised over $27 million.
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