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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.
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.
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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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