Troubled Crypto Lender Vauld Granted 3-Month Moratorium by Singapore High Court: Report
The decision prevents creditors from starting or continuing any legal proceedings.
Aug 1, 2022 at 12:49 p.m. UTCUpdated May 11, 2023 at 6:55 p.m. UTC
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Asian crypto-lender Vauld has been granted a three-month moratorium by the Singapore High Court to continue to explore its options, The Block reported on Monday, citing sources with knowledge of the matter.
- The court granted a three-month moratorium stopping Vauld's creditors from starting or continuing any legal proceedings.
- The firm now has until Nov. 7 to explore its options. In early July, it was reported that Nexo had signed a term sheet to acquire 100% of Vauld.
- The court has also asked Vauld's creditors to form a committee. The crypto lender owes more than $400 million to its creditors, 90% of which originated from individual retail investor deposits.
- At the start of July, Vauld suspended all withdrawals, trading and deposits on its platform – after seeing $198 million in withdrawals since June 12. The company had previously said it was laying off 30% of its staff.
- Vauld did not immediately respond to CoinDesk's request for further comment.
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Jamie Crawley is a CoinDesk news reporter based in London.