🚨 Time is Running Out: Reserve Your Spot in the Lucky Draw & Claim Rewards! START NOW
Learn to gain real rewards

Learn to gain real rewards

Collect Bits, boost your Degree and gain actual rewards!

New
Video Courses
Video Courses
Deprecated
Scale your career with online video courses. Dive into your learning adventure!

Singapore-Based Crypto Lender Vauld Halts Withdrawals, Trading, and Deposits

Singapore-Based Crypto Lender Vauld Halts Withdrawals, Trading, and Deposits

The suspension comes a few months after the crypto giant reported that it grew to $1 billion in assets under management.

Vauld, a Singapore-based crypto lender founded in 2018 and backed by Coinbase, has recently halted all of its withdrawals, trading, and deposits amid the current crypto bear market.

According to the official announcement issued on July 4th, one of the main reasons why Vauld decided to take such drastic actions was due to the customers’ constant withdrawals that resulted in excess of $197.7 million. On top of that, the firm also cited the collapse of Terra's UST stablecoin and Three Arrows Capital's default on their loans.

What is Yield Farming in Crypto? (Animated Explanation)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is Yield Farming in Crypto? (Animated Explanation)

What is Yield Farming in Crypto? (Animated Explanation) What is Yield Farming in Crypto? (Animated Explanation)

Because of this, the crypto exchange is reportedly “exploring potential restructuring options” by hiring Kroll as financial adviser and Cyril Armachand Mangaldas and Rajah & Tann Singapore as legal advisers.

More notably, the company will also “apply to the Singapore courts for a moratorium” to “carry out the proposed restructuring exercise” with more ease.

The news actually arrives three weeks later when Vauld issued a statement, indicating that the exchange would continue operating as usual despite the harsh market conditions. The company added:

"We have always maintained a balanced and conservative approach to liquidity management. Bull and bear runs are inevitable, and we deploy fundamentally strong strategies that account for these cycles."

On top of that, back in June, Darshan Bathija, the CEO of Vauld, announced that the company would be reducing its headcount by around 30%, as well as slowing down the process of hiring, reducing marketing expenses, and executive compensation by 50%.

In fact, Vauld isn’t the only company to request assistance from various restructuring lawyers, as earlier this year, Celsius and Babel Finance also took drastic steps to survive the market downfall.

Aaron S. , Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

Loading...
binance
×
Verified

$600 WELCOME BONUS

Earn Huge Exclusive Binance Learners Rewards
Rating