The Vauld platform has suspended withdrawals

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Singapore-based cryptocurrency lending and trading platform Vauld, focused on the Indian market, announced the suspension of withdrawals due to market instability.

It appears that, like several other cryptocurrency firms, Vauld is experiencing liquidity issues amid the market decline. Now the company's management is looking for restructuring opportunities.

“We have made the difficult decision to stop everythingwithdrawals, trading and deposits on the Vauld platform. The decision comes into effect immediately,” wrote platform CEO Darshan Bathija.

He noted that the company was led to this decisionmarket decline and financial problems of the company's partners. In addition, since June 12, users of the platform have withdrawn funds for $198 million - they are frightened by the collapse of Terra, the bankruptcy of Three Arrows Capital and the events with Celsius.

In order to carry out restructuring,Vauld has hired Kroll as its financial advisor, while Cyril Amarchand Mangaldas and Rajah and Tann Singapore will act as Vauld's legal representatives in India and Singapore, respectively.

“Our management is working with advisors toassessment and analysis of all possible options for exiting this situation, including the possibility of restructuring. We are going to apply to the Singapore courts to impose a moratorium on claims against us to give us breathing space and the opportunity to restructure,” Bathija emphasized.

Let us recall that earlier the court of the British Virgin Islands ruled to liquidate the cryptocurrency hedge fund Three Arrows Capital.