The number of platforms that allow users to take their money with them is decreasing. Over the past three weeks, the company's users drained their accounts of close to $198 million.
The company put a big hold on users ability to withdraw most of their coins. Vauld told its customers that it was for their own good, while it nixed withdrawals altogether. According to a report, the company is looking for a Daddy Warbucks to help them with the cold weather.
The total amount of daily withdrawals would be limited to $5,000 in a 24 hour period in order to limit the amount of withdrawals. Once the market situation allows it, the limitation will be lifted.
The overall withdrawal limit has been reduced from $500,000 to $200,000. The company said they were pats on the back for not stopping all withdrawals like some other companies did.
Companies are using corks to plug holes in their sinking vessels because of the cryptocurrencies. Vauld's suspension of withdrawals was due to a combination of circumstances such as the volatile market conditions, the financial difficulties of our key business partners, and the current market climate which has led to a significant amount of customer withdrawals.
The two companies join a number of other platforms that have stopped or limited withdrawals. Email statements from Vauld's executives were sent to Moneycontrol. The price ofcryptocurrencies is maintaining its bear market status, which has caused other companies to announce drastic cuts.
They were talking to potential investors. According to the report, the platform is considering buying Vauld to increase its presence in Asia. There isn't a word on how much it will cost. According to The Hindu Business Line, the company had $1 billion in assets and wanted to break $5 million this year.
The health of the incredibly unregulated industry is still doubted by many. A Virgin Island court ordered Three Arrows Capital to liquidate its assets last week after the fund failed to repay millions of dollars in loans. There is still a lot of money being pushed into some projects by investment firms looking to prop up the market.
All Rights Reserved © 2024
