Coinbase-backed crypto exchange Vault is the latest to stop withdrawals, deposits and trading
Singapore based crypto exchange waldo It is the latest crypto platform to suspend all withdrawals, deposits and trading, citing “financial challenges” amid the turbulent market conditions.
In a blog post today, CEO Darshan Bathija said the crypto platform is “facing financial challenges” due to a mix of factors including the financial difficulties of their business partners and the current market uncertainty with a significant amount of customer withdrawals. More than US$197.7 million since June.
“As such, we have recognized that it would be in the best interest of the stakeholders to take immediate action under the circumstances,” Bathija said. He said he would work with financial and legal advisors to explore all possible options, including restructuring. , which can help the company overcome these financial difficulties.
He also said that Wold intends to apply to the Singapore courts for a moratorium, an official period of delay in the performance of a legal obligation or the payment of a debt, which will allow the company to “breathe” to complete the proposed restructuring. instead of”. exercise.
“In the meantime, we have taken the difficult decision to suspend all withdrawals, trading and deposits on the Walled Platform with immediate effect,” Bathija said. “We believe this will help facilitate the exploration of the suitability of potential restructuring options with our financial and legal advisors.”
Founded in 2018, Vault enables customers to buy, lend, borrow and trade crypto assets from a single unified platform. The crypto exchange is headquartered in Singapore and most of its workforce is based in India.
On June 21, Wald announced that it has laid off 30% of its workforce amid the recent crypto meltdown, which has adversely affected the performance of all crypto platforms.
The exchange is also backed by some of the more notable names in the crypto industry, including the enterprise arm of a major crypto exchange. coinbase, Pantera Capital, Velar Ventures, CMT Digital, Gumi Kryptos, Compound Labs founder Robert Leshner, and Cadenza Capital,
– FTX CEO: Some Small Exchanges Likely to Be ‘Too Far Gone,’ ‘Insolvent’ and ‘Saved’
– Coinflex CEO Says Roger Ver Paid Him USDC 47M, Ver Denies Claim
– Neobank K-Bank Might Have to Postpone IPO Plan as Crypto Winter Bites
– These are the types of crypto projects that can be bailed out according to the CEO of Binance