TechBriefly
  • Tech
  • Business
  • Crypto
  • Science
  • Geek
  • How to
  • About
    • About TechBriefly
    • Terms and Conditions
    • Privacy Policy
    • Contact Us
    • Languages
      • 中文 (Chinese)
      • Dansk
      • Deutsch
      • Español
      • English
      • Français
      • Nederlands
      • Italiano
      • 日本语 (Japanese)
      • 한국인 (Korean)
      • Norsk
      • Polski
      • Português
      • Pусский (Russian)
      • Suomalainen
      • Svenska
  • FAQ
    • Articles
No Result
View All Result
 Hot Topics:
  • Daisy Messi trophy trend
  • DALL-E 3
  • FTC Fortnite refund
  • iPhone 15
  • Binance WOTD answers (Binance Launchpad)
TechBriefly
No Result
View All Result
Home Crypto

Vauld cryptocurrency faces financial challenges

A Singapore-based cryptocurrency company is seeking legal action due to financial difficulties.

by Aykut Göker
5 July 2022
in Crypto
Reading Time: 2 mins read
In this article, we are going to be going over Vauld cryptocurrency financial challenges, as the decrease in bitcoin prices affects the whole crypto market.
Share on FacebookShare on Twitter

In this article, we are going to be going over Vauld cryptocurrency financial challenges, as the decrease in bitcoin prices affects the whole crypto market.

Vauld cryptocurrency is searching for a solution

Due to the decrease in bitcoin prices, Singapore-based Vauld cryptocurrency has suspended all withdrawals, trading, and deposits on its platform and is now seeking legal action. This might not be a passing trend, as traders and industry watchers predict a “crypto winter” in the months to come, forcing many businesses to tighten their finances and streamline their operations.

In this article, we are going to be going over Vauld cryptocurrency financial challenges, as the decrease in bitcoin prices affects the whole crypto market.
Vauld cryptocurrency faces financial challenges.

Vauld cryptocurrency CEO Darshan Bathija said in a statement on Monday that the company is experiencing financial difficulties as a result of the unstable market conditions, which have resulted in significant customer withdrawals totaling more than USD 197.7 million since June 12, 2022, when the collapse of Terraform Lab’s cryptocurrency, Celcius, and the default on loans by Singapore-based cryptocurrency hedge fund Three Arrows Capital caused the market to decline. Bathija said in the statement that:

“We have made the difficult decision to suspend all withdrawals, trading, and deposits on the Vauld platform with immediate effect. We believe that this will help to facilitate our exploration of the suitability of potential restructuring options, together with our financial and legal advisors. We seek the understanding of customers of the Vauld platform that we will not be in a position to process any further requests or instructions in this regard. Specific arrangements will be made for customer deposits as may be necessary for certain customers to meet margin calls in connection with collateralized loans.”

In this article, we are going to be going over Vauld cryptocurrency financial challenges, as the decrease in bitcoin prices affects the whole crypto market.
Vauld cryptocurrency faces financial challenges.

Vauld’s staff has reduced in size dramatically

The cryptocurrency company has hired Cyril Amarchand Mangaldas and Rajah & Tann Singapore LLP as its legal counsel in India and Singapore, respectively, as well as Kroll Pte as its financial advisor. “We intend to apply to the Singapore courts for a moratorium i.e, a suspension of the commencement or continuation of any proceedings against the relevant companies so as to give us breathing space to carry out the proposed restructuring exercise,” said Bathija in the statement.

In this article, we are going to be going over Vauld cryptocurrency financial challenges, as the decrease in bitcoin prices affects the whole crypto market.
Vauld cryptocurrency faces financial challenges.

As market conditions deteriorated, Vauld cryptocurrency had previously announced a 30% decrease in headcount. Some exchanges in India were also forced to halt deposits and withdrawals, mostly as a result of implementing compliance and KYC procedures as a TDS of 1% becomes effective in July.

We hope that you enjoyed this article on Vauld cryptocurrency financial challenges. If you did, make sure to check out our other articles, such as 10 best crypto interest accounts in 2022, or Snap launches Snapchat+ subscription service.

Tags: cryptocurrencyfeaturedvauld

Related Posts

CBDCs

Creator of Ethereum argues that CBDCs are on the wrong path

Visa USDC stablecoin settlement capabilities to Solana

Visa USDC stablecoin settlement capabilities will now include Solana

Binance Ronaldo lie detector test

Ronaldo’s lie detector test with Binance catches highly interesting answers

From digital collectibles to transforming the ticketing industry, NFTs are changing the game

From digital collectibles to transforming the ticketing industry, NFTs are changing the game

POPULAR

Binance Word of the Day answers: Central Bank Digital Currencies theme

Binance Word of the Day answers: Binance Launchpad theme

How to apply for the FTC Fortnite refund?

How to fix Payday 3 Nebula data error?

Duolingo hacks to earn more than 60K XP quickly

Here are all the Taylor Swift 1989 Vault Puzzle answers

What does setting interrogation succeeded mean?

What can silence the Nightsong in BG3?

Kulhad Pizza viral video denied by the owner, claiming blackmail

Binance Word of the Day answers: Digital Art theme

RSS News Republic

  • Enhance your AI interactions with the best ChatGPT plugins
  • What is Skibidi Toilet Syndrome?
  • 10 best AI song cover generator for free
  • Explosions vs Implosions: Everything you need to know
  • How to Tell if Cat Needs Glands Expressed

RSS LeaderGamer

  • Starfield names – List of names that the character Vasco can say
  • Explained: VPN types and protocols
  • The Evolution and Impact of Video Games: An Analysis of Their Cultural and Social Influence
  • The Role of Cloud Computing in Driving Business Agility and Scalability
  • Welcome Bonuses: Exploring the Exciting Online Gambling Promotions for New Players
TechBriefly

© 2021 TechBriefly is a Linkmedya brand.

  • Tech
  • Business
  • Science
  • Geek
  • How to
  • About
  • Privacy
  • Terms
  • Contact
  • FAQ
  • | Network Sites |
  • Digital Report
  • LeaderGamer
  • News Republic

Follow Us

No Result
View All Result
  • Tech
  • Business
  • Crypto
  • Science
  • Geek
  • How to
  • About
    • About TechBriefly
    • Terms and Conditions
    • Privacy Policy
    • Contact Us
    • Languages
      • 中文 (Chinese)
      • Dansk
      • Deutsch
      • Español
      • English
      • Français
      • Nederlands
      • Italiano
      • 日本语 (Japanese)
      • 한국인 (Korean)
      • Norsk
      • Polski
      • Português
      • Pусский (Russian)
      • Suomalainen
      • Svenska
  • FAQ
    • Articles