Singapore-based crypto lending platform Vauld has announced a possible restructuring. Trading, withdrawals and deposits are suspended.

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— Vauld (@VauldOfficial) July 4, 2022

Management attributed the decision to financial difficulties stemming from adverse market conditions, the impact of counterparty problems and liquidity outflow. Since June 12, customers have withdrawn $197.7 million from the platform.

To implement the initiative, the startup has hired Kroll Pte Limited as financial advisors, as well as law firms Cyril Amaarchand Mangaldas and Rajah & Tann Singapore.

Vauld will consider all possible options, including restructuring, that best protect the interests of stakeholders. The company has started negotiations with potential investors and plans to obtain a moratorium on proceedings in Singapore courts.

Recall that in July 2021, Vauld raised $25 million from Valar Ventures, PayPal co-founder Peter Thiel, and other investors.

At the end of 2020, the startup was backed by Coinbase Ventures and Pantera Capital in a $2 million round.

Earlier, the Voyager crypto broker announced the suspension of trading and the withdrawal of funds. Hedge fund Three Arrows Capital has filed for bankruptcy.

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