Vauld, a Singapore-based cryptocurrency trading site, has banned all deposits and withdrawals.
The move comes amid increased volatility in the bitcoin market and financial difficulties for the site. Vauld is considering a reorganisation. "This is due to a mix of events such as fluctuating market conditions, our main business partners' financial issues unavoidably affecting us, and the present market climate," said CEO Darshan Bathija in a statement posted on the company's website on Monday. of Terraform Lab's..." The startup, which is funded by PayPal co-founder Peter Thiel's Valar Ventures, has immediately banned all withdrawals, trading, and deposits, thereby locking in retail investor funds.
It has hired Kroll as its financial advisor, as well as the Indian and Singaporean law firms Cyril Amarchand Mangaldas and Rajah & Tann Singapore LLP. Pantera Capital, Coinbase Ventures, CMT Digital, Gumi Cryptos, Robert Leshner, and Cadenza Capital were among the venture capital companies who invested in the company in July of last year. Vauld, which was founded in 2018 by Bathija and Sanju Kurian, offers a variety of products to cryptocurrency investors, including fixed deposits and asset-backed lending and borrowing platforms. Vauld, which was founded in 2018 by Bathija and Sanju Kurian, offers a variety of products to cryptocurrency investors, including fixed deposits and asset-backed lending and borrowing platforms. The collapse of Terra's blockchain native coin Luna, which purportedly destroyed $40 billion from the crypto market, was reported by ET on June 21. Three Arrows Capital, a decade-old crypto hedge fund and prominent sponsor of Web3 firms, has declared bankruptcy. Vauld reported in June that it has cut off 30% of its workers, the majority of whom were headquartered in India.
