Another Crypto platform rings alarm bells; freezes all withdrawals, trading, deposits

Cryptocurrency exchange Vauld announced to suspend all withdrawals, trading and deposits on its platform with immediate effect owing to “financial challenges”.
Darshan Bathija, CEO of Vauld, said that a significant number of customer withdrawals in excess of $197.7 million has happened since June 12, when the decline of the cryptocurrency market was triggered by the collapse of Terraform Lab’s UST stablecoin, Celsius network pausing withdrawals, and Three Arrows Capital defaulting on their loans.
“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,” said Bathija.