Another crypto lender Vauld pauses withdrawals as market crash takes its toll

Billions of dollars of value have been wiped off the cryptocurrency market in the last few weeks. Companies in the industry are feeling the pain. Lending and trading firms are facing a liquidity crisis and many firms have announced layoffs.

Vauld halted all withdrawals, trading and deposits on its platform on Monday and is looking into possible restructuring options.

Vauld is facing financial challenges due to volatile market conditions, the financial difficulties of our key business partners, and the current market climate which has led to customers withdrawing more than $197 million from the company.

Vauld said it is working with its financial and legal advisors to explore and analyse all possible options to protect the interests of its stakeholders.

Vauld has faced issues with money market funds. The Celsius halted withdrawals last month due to extreme market conditions.

Vauld is in talks with potential investors.

The company has hired financial and legal advisers in India and Singapore.