Vauld suspends withdrawals, trading and deposits

The decline in cryptocurrency prices has prompted Singapore-based crypto firm Vauld to suspend all withdrawals, trading and deposits on its platform and seek legal steps amid financial challenges.

This may not be a blip as traders and industry observers anticipate a “crypto winter” in the following months prompting several firms to tighten their books and streamline operations.

In a statement on Monday, Vauld CEO Darshan Bathija said that the management is facing financial challenges due to volatile market conditions which has led to significant amount of customer withdrawals in excess of USD 197.7 million since June 12, 2022 when the decline of the cryptocurrency market was triggered by the collapse of Terraform Lab’s cryptocurrency – Celcius and Singapore based cryptocurrency hedge fund Three Arrows Capital defaulting on their loans.