{"id":246677,"date":"2022-07-04T13:15:59","date_gmt":"2022-07-04T12:15:59","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=246677"},"modified":"2022-07-04T12:51:13","modified_gmt":"2022-07-04T11:51:13","slug":"coinbase-backed-vauld-becomes-the-latest-crypto-lender-to-pause-withdrawals","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/coinbase-backed-vauld-becomes-the-latest-crypto-lender-to-pause-withdrawals\/","title":{"rendered":"Coinbase-backed Vauld becomes the latest crypto lender to pause withdrawals"},"content":{"rendered":"

Vauld announced<\/a> July 4 that it will immediately suspend withdrawals, trading, and deposits on the platform due to volatile market conditions and the impact on key business partners.<\/p>\n

The statement also mentioned that users had withdrawn $197.7 million since June 12 due to mounting fears over CeFi lenders the same day Celsius<\/a> announced similar actions to “stabilize liquidity and operations.”<\/p>\n

At this stage, it is unclear whether Vauld has bad debts and is facing default or margin calls it cannot meet.<\/p>\n

Vauld explores restructuring<\/h2>\n

Vauld said it had hired a team of advisors to explore the possibility of restructuring the company to protect stakeholders' interests.<\/p>\n

“In furtherance of this, we have engaged the services of Kroll Pte Limited as our financial advisor, as well as Cyril Amarchand Mangaldas and Rajah & Tann Singapore LLP as our legal advisors in India and Singapore respectively.”<\/p><\/blockquote>\n

A message from Vauld co-founder Darshan Bathija<\/a> via the company's Twitter account reiterated the intent to find “the best resolution for our customers.”<\/p>\n

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We've strived to be an excellent crypto lending platform. This has been our goal from day one. We\u2019re committed to finding the best resolution for our customers.<\/p>\n

A message from @darshanbathija<\/a> \ud83e\uddf5<\/p>\n

— Vauld (@VauldOfficial) July 4, 2022<\/a><\/p><\/blockquote>\n