Singapore Financial News

SINGAPORE—Inflation in China accelerated more than expected in June as prices for food and fuel picked up, but cost pressures remain muted compared with blistering gains in Europe and the U.S.

Some Voyager Digital account holders were surprised when they discovered that their deposits did not have the protection they thought they did after the crypto brokerage and lender filed for bankruptcy Tuesday. This could mean additional consequences for Voyager Digital. 

A new NFT collection is driven by Egyptian mythology — and has bold ambitions to be at the heart of an immortal world.

Nexo, one of the larger crypto-lending platforms, has agreed in principle to acquire Singapore-based crypto services firm Vauld, the latest of a spate of deals as the market consolidates in the wake of a brutal downturn.

Nexo is likely to acquire Singapore-headquartered crypto exchange firm Vauld, pending due diligence, as both the parties signed an indicative term sheet today. “The completion of this transaction is pending due diligence — which both teams are working on as we speak. Vauld has strived to deliver long-term value to all customers, and we believe coming under the Nexo umbrella will significantly help achieve this,” co-founder and CEODarshan Bathija wrote on microblogging platform Twitter on Tuesday.

Against a backdrop of declining cryptocurrency prices and increasing customer withdrawals, the Singapore-based crypto firm Vauld joined an increasing list of crypto-based entities halting withdrawals and even trading, with the company admitting, on July 4, to be facing financial challenges brought upon by the existing volatile market conditions. This follows news of crypto firms such as Celsius, Voyager, Terraform Labs, and the hedge fund Three Arrows Capital (3AC) having either suspended all trading activity or even declared bankruptcy, as is...

The 2022 cryptocurrency bear market has been the worst on record as most Bitcoin traders are underwater and continue to sell at a loss. In response to the rapid decline of token prices, some investors have fled to save haven assets; some have exited the market completely, while others have perplexingly turned to the enigmatic market of crypto derivatives. 

Embattled crypto investment firm Three Arrows Capital (3AC), which has recently filed for bankruptcy, ostensibly holds more than USD 7.5m worth of blue-chip NFTs.

Singapore-based crypto lender Vauld may get acquired by major crypto lender Nexo (NEXO).

Beleaguered cryptocurrency lender Vauld has been thrown a lifeline from larger competitor Nexo, in a sign of mounting consolidation in the crypto market.

Vauld has suspended all deposits and withdrawals. The decision comes amid a broader volatility in the cryptocurrency market and as the platform faces financial challenges. Vauld is looking at a potential restructuring. “This is due to a combination of circumstances such as the volatile market conditions, the financial difficulties of our key business partners inevitably affecting us, and the current market climate,” said chief executive officer (CEO) Darshan Bathija in a statement on the company’s website on Monday. “All this has led to a significant amount of customer withdrawals over $197.7 million since June 12, when the decline of the cryptocurrency market was triggered by the collapse of Terraform Lab’s UST stablecoin, Celsius network pausing withdrawals, and Three Arrows Capital defaulting on their loans.”

Cryptocurrency lender Nexo plans to buy fellow lender Vauld, it said on Tuesday, the latest sign of consolidation in the digital currency industry as prices tumble.

The Monetary Authority of Singapore, or MAS, has been “carefully considering” adding restrictions that could affect how retail investors handle crypto, according to one of the government’s senior ministers.

The crypto market saw modestly higher prices on Monday, despite warnings from analysts and institutional investors that the market could fall further as contagion from recent insolvencies continues to spread.

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Another crypto lender has apparently hit the rocks, with reports claiming that the already troubled Celsius Network (CEL) has axed 150 employees.

Singapore-based crypto exchange Vauld is the latest crypto platform to suspend all withdrawals, deposits, and trading citing "financial challenges" amid lingering sour market conditions.

The exchange said it is "facing financial challenges" amid the crypto market meltdown.

Crypto contagion claims another casualty. In a statement, Singapore-based crypto exchange Vauld has made the “difficult decision to suspend all withdrawals, trading and deposits on the Vauld platform with immediate effect.”

The Three Arrows Capital [3AC] crisis sees no end even after the news of insolvency was confirmed. The Singapore-based crypto hedge fund has filed for Chapter 15 Bankruptcy Protection as per the Financial Times. However, the leak has spread to other crypto institutions and the crypto market continues to bleed in these circumstances.

Crypto hedge fund Three Arrows files for Chapter 15 bankruptcy