Crypto Lender Vauld Joins The List Of Crypto Firms Halting Withdrawals

55
SHARE
Cryptos - Unsplash ferhat-deniz
Cryptos - Unsplash ferhat-deniz

Crypto lender Vauld has joined the list of crypto lenders halting withdrawals for clients after it paused trading and deposits on its platform as it 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 collaborating with its financial and legal advisors to “explore and analyze all possible options, including potential restructuring options, that would best protect the interests of Vauld’s stakeholders.”

Vauld’s withdrawal stoppage came a few weeks after Bathija said the company “continues to operate as usual despite volatile market conditions.” In a June 16 blog post, Bathija said withdrawals were being “processed as usual and this will continue to be the case in the future.”