CNBC headline: Another crypto lender Vauld pauses withdrawals as market crash takes its toll
PUBLISHED MON, JUL 4 20227:39 AM EDT
Arjun Kharpal
Crypto lender Vauld on Monday paused all withdrawals, trading and deposits on its platform and is exploring potential restructuring options, the company said.
Vauld said it is facing “financial challenges” due to “volatile market conditions” which has led to customers withdrawing more than $197.7 million from the platform since June 12.
Vauld is the latest victim of the cryptocurrency price plunge this year that has exposed flaws in a number of digital coin projects and business models.
https://www.cnbc.com/2022/07/04/crypto-lender-vauld-halts-wi…
Crypto lender Vauld on Monday paused all withdrawals, trading and deposits on its platform and is exploring potential restructuring options, the company said.
Vauld CEO Darshan Bathija said in a blog post on Monday that the company is facing “financial challenges” due to “volatile market conditions, the financial difficulties of our key business partners inevitably affecting us, and the current market climate” which has led to customers withdrawing more than $197.7 million from the platform since June 12.
The Singapore-based company said it is working with its financial and legal advisors to “explore and analyse all possible options, including potential restructuring options, that would best protect the interests of Vauld’s stakeholders.”