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Singapore-headquartered crypto exchange Vauld, which serves customers in India, has halted withdrawals, the firm’s Chief Executive Officer Darshan Bathija announced in a blog post.
The firm has hired law firms Cyril Amarchand Mangaldas and Rajah & Tann to represent the company in India and Singapore, and Kroll has been brought on as a financial advisor.
"We are currently in discussions with potential investors into the Vauld group of companies. 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," CEO Darshan Bathija wrote.
Vauld said that depositors had withdrawn nearly $200 million in the weeks leading up to this decision. The withdrawals, the exchange said were triggered by the collapse of Terraform Lab’s UST stablecoin, Celsius network pausing withdrawals, and Three Arrows Capital defaulting on their loans.
"We seek the understanding of customers of the Vauld platform that we will not be in a position to process any new or 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 collateralised loans," the Coinbase platform said.
At the time of writin this, bitcoin is trading $19,477 down from all time high of $69,000.