Keys Lost in the Vauld: Singapore Crypto Exchange Freezes Withdrawals
Not your keys, not your coins. Crypto lender CeFi Vauld has suspended "all withdrawals, transactions and deposits".
New
The crypto-contagion claims another victim. In a statement, Singapore-based crypto exchange Vauld has taken the "difficult decision to suspend all withdrawals, trades and deposits on the Vauld platform with immediate effect".
In what appears to be a run on crypto banking, the group intends to “seek the Singapore courts for a moratorium” as Vauld clients attempted to withdraw “an excess of $197.7 million dollars since June 12, 2022".
The decision to suspend withdrawals is a sharp turnaround. Reportedly, Vauld boasted $1 billion in assets under management in May this year, while a June 16 email from the firm said business would "continue to operate as usual." habit". Just 18 days later, the company is considering "potential restructuring options".
On June 21, CEO Darshan Bathija tweeted that Vauld had cut his team by 30%, the first sign that the company was under duress. Separately, Bathija also pointed out that Three Arrows Capital (3AC) was an early investor in the company, but exited at the end of 2021.
We sent an email about this. We are not directly exposed to 3AC or Celsius.
Full disclosure: 3AC was a seed investor in us since 2020, which we facilitated a full exit in December 2021.
— Darshan Bathija (@darshanbathija) June 23, 2022Vauld's statement suggests that "volatile market conditions, the financial difficulties of our major trading partners inevitably...
Not your keys, not your coins. Crypto lender CeFi Vauld has suspended "all withdrawals, transactions and deposits".
New
The crypto-contagion claims another victim. In a statement, Singapore-based crypto exchange Vauld has taken the "difficult decision to suspend all withdrawals, trades and deposits on the Vauld platform with immediate effect".
In what appears to be a run on crypto banking, the group intends to “seek the Singapore courts for a moratorium” as Vauld clients attempted to withdraw “an excess of $197.7 million dollars since June 12, 2022".
The decision to suspend withdrawals is a sharp turnaround. Reportedly, Vauld boasted $1 billion in assets under management in May this year, while a June 16 email from the firm said business would "continue to operate as usual." habit". Just 18 days later, the company is considering "potential restructuring options".
On June 21, CEO Darshan Bathija tweeted that Vauld had cut his team by 30%, the first sign that the company was under duress. Separately, Bathija also pointed out that Three Arrows Capital (3AC) was an early investor in the company, but exited at the end of 2021.
We sent an email about this. We are not directly exposed to 3AC or Celsius.
Full disclosure: 3AC was a seed investor in us since 2020, which we facilitated a full exit in December 2021.
— Darshan Bathija (@darshanbathija) June 23, 2022Vauld's statement suggests that "volatile market conditions, the financial difficulties of our major trading partners inevitably...
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