Binance’s CEO Chengpang “CZ” Zhao took to Twitter to take a dig at Vauld, a Singapore-based crypto exchange and lending platform.
Replying to an article about Vauld’s suspension of withdrawals, CZ cautioned against using platforms that require VC funding. He believes that such companies do not have a reliable business model.
CZ’s dig makes a lot of sense since one of the companies backing Vauld is Binance’s competitor, Coinbase. Peter Thiel’s Valar Ventures and Pantera capital are other big names backing Vauld.
Ripple’s CEO David Schwartz also mocked Vauld with a “RIP Vauld” tweet.
Vauld Halts Its Services
Earlier today, Vauld issued a disclosing the suspension of all withdrawals, trading, and deposits on their platform, citing market volatility. The platform blamed Terra’s collapse, Celsius’s suspension of withdrawal, and 3AC’s loan default for the decline of the crypto market. It disclosed that close to $200 mln has been withdrawn since the 12th of June, 2022.