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Crypto lender Vauld suspends withdrawals

Crypto lender Vauld suspends withdrawals

Vauld, a Singapore-based cryptocurrency lending and exchange player, has suspended withdrawals, trading and deposits as it faces up to "financial challenges".

The firm says “volatile market conditions” have led to customers withdrawing more than $197.7 million from the platform since 12 June, leaving it in trouble.

It has brought in financial and legal advisors as it looks into its options, including a potential restructuring, to "best protect the interests of Vauld's stakeholders".

Vauld - which counts Valar Ventures, Coinbase Ventures and Pantera Capital among its backers - says it is "in discussions with potential investors".

The decision to suspend withdrawals comes just three weeks after Vauld said it was processing withdrawals "as usual and this will continue to be the case in the future".

Last month, crypto lender Celsius paused withdrawals thanks to “extreme market conditions.”

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 05 July, 2022, 10:53Be the first to give this comment the thumbs up 0 likes

We've seen the banking regulator stopping withdrawals from banks on the verge of failing.

Crypto lenders and exchanges do it on their own. 

Whatever does "run on a bank" even mean?