Singapore-based crypto lender Vauld has suspended all withdrawals, trading and deposits on its platform as it looks at restructuring options.
- Vauld has seen withdrawals of around $198 million since June 12, the day when the downturn in crypto markets began to come to a head with crypto lender Celsius pausing withdrawals on its platform the following day.
- The firm is exploring potential restructuring options as a means of navigating the challenges it faces, it said in a blog post on Monday.
- Last month, Vauld announced it would be laying off 30% of its staff, with most of the team being located in India.
- Vauld has enlisted Kroll for financial advisory services. It also hired Cyril Amarchand Mangaldas and Rajah & Tann Singapore LLP as legal advisors in India and Singapore respectively.
- The lender raised $25 million in Series A funding last year to expand its retail crypto banking platform and drive international expansion. Peter Thiel-founded Valar Ventures, Pantera Capital and COINBASE Ventures are among its investors.