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Crypto Lender Vauld Gets Further Extension for Restructuring Plan
Vauld's existing legal protection from its creditors expires on Feb. 28.
Updated May 9, 2023, 4:08 a.m. Published Feb 27, 2023, 3:21 p.m. 1 min read
Singapore-based cryptocurrency lender Vauld has received another extension by a court in Singapore to present its restructuring plan, giving it protection from its creditors until March 24.
Vauld's existing legal protection expires on Feb. 28.
"The moratorium has been extended till 24-Mar-2023," a Vauld spokesperson told CoinDesk via email. "There will be another hearing scheduled before that to confirm the final decision about approval of scheme."
The crypto lender filed for creditor protection in Singapore last July after it suspended withdrawals, trading and deposits on its platform. It initially had until Jan. 20 to work on a restructuring plan.
Vauld has received takeover bids from two digital asset fund managers, according to a Bloomberg report last month. Fellow crypto lender Nexo had been the frontrunner to acquire Vauld, but talks broke down at the start of this year.
As of July, Vauld owed creditors $402 million, 90% of which originated from individual retail investor deposits. Authorities in India froze assets worth 3.7 billion rupees ($44.7 million) a month after it filed for creditor protection.
Read more: Crypto Lender SALT Raises $64.4M to Resume Operations
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