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Crypto Lender Vauld Gets Another Extension for Submitting Restructuring Plan: Bloomberg
The firm has received bids from two digital-asset fund managers after talks with Nexo broke down, according to the report.
Updated May 9, 2023, 4:06 a.m. Published Jan 17, 2023, 11:01 a.m. 1 min read
Cryptocurrency lender Vauld now has until Feb. 28 to present a plan for its restructuring after being granted an extension by a court in Singapore, Bloomberg reported on Tuesday.
Vauld has received bids from two digital-asset fund managers to take over the beleaguered lender, according to the report, which cited a person familiar with the matter.
The firm suspended withdrawals, trading and deposits on its platform last July, after which it filed for creditor protection in Singapore. It initially had until Jan. 20 to work on a restructuring plan.
For several months fellow crypto lender Nexo was the front-runner to acquire Vauld . Those talks, however, appear to have broken down after Vauld said the deal wouldn't be in its creditors' best interests.
As of July 8 last year, Vauld owed $402 million to creditors, 90% of which originated from individual retail investor deposits. Indian authorities froze assets worth 3.7 billion rupees ($46.4 million) a month after it filed for creditor protection.
Vauld didn't immediately respond to a request for comment.
Read more: Why Do Crypto Lenders Keep Blowing Up?
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