Coinbase-backed Indian crypto exchange Vauld suspends trading, deposits and withdrawals amid market downturn
Vauldsaid that it is exploring all options with its financial and legal advisors.
- The company won’t be accepting new requests at the moment, but will provide special instances for collateralized loans.
- Vauld laid off 30% of its staff last month.
This is due to a combination of circumstances such as the volatile market conditions, the financial difficulties of our key business partners inevitably affecting us, and the current market climate which has led to a significant amount of customer withdrawals in excess of a $197.7 million since 12 June 2022 when the decline of the cryptocurrency market was triggered by the collapse of Terraform Lab’s UST stablecoin, Celsius network pausing withdrawals, and Three Arrows Capital defaulting on their loans.
Further, it said that it would be in the “best interest” of stakeholders to “take immediate action”.
The firm has engaged
“We are currently in discussions with potential investors into the Vauld group of companies. We intend to apply to the Singapore courts for a moratorium i.e. a suspension of the commencement or continuation of any proceedings against the relevant companies so as to give us breathing space to carry out the proposed restructuring exercise,” the statement added.
As it stands, the exchange’s customers will not be able to deposit or withdraw money from the platform, and the company won’t be processing any new requests or instructions from customers. It said that “specific arrangements” will be made for customers to meet margin calls in connection with collateralized loans.
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