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Keys lost in the Vauld: Singapore crypto exchange freezes withdrawals

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cointelegraph.com

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.”In what appears to be a run on the crypto bank, the group intends to “apply to the Singapore courts for a moratorium,” as Vauld customers have tried to withdraw an “excess of a $197.7 million since 12 June 2022.”The decision to suspend withdrawals is a screeching U-turn.

Reportedly, Vauld boasted $1 billion assets under management in May this year, while on June 16, a company email stated that business would “continue to operate as usual.” Just 18 days later, the company is exploring “potential restructuring options.”On June 21st, CEO, Darshan Bathija tweeted that Vauld had cut their team by 30%–the first sign that the company was under duress.

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