Singapore-based crypto lender Vauld has paused all withdrawals, trading, and deposits on its platform for its restructuring plan.
Vauld had witnessed withdrawals of about $198 million since June 12, when the slump in crypto markets came to a head with crypto lender Celsius stopping withdrawals on its platform afterwards.
Coinbase-backed Vauld has started exploring restructuring plans. Image: GETTY
The business is considering alternative restructuring options to manage the issues it confronts, it stated in a blog post on Monday.
Last month, Vauld stated that it would be cutting off 30% of its personnel, with most of the team in India.
Vauld has enlisted Kroll for financial advising services. It has retained Cyril Amarchand Mangaldas and Rajah & Tann Singapore LLP as legal counsel in India and Singapore, respectively.
Last year, the lender secured $25 million in Series A investment to enhance its retail crypto banking platform and drive worldwide growth. Its investors include Peter Thiel-founded Valar Ventures, Pantera Capital, and Coinbase Ventures.