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- Vauld halted withdrawal, trading, and deposit services.
- Vauld reported withdrawals amounting to $198 million in the 2nd week of June 2022.
Vauld is a crypto trading platform that provides comprehensive services in lending, borrowing, and trading cryptocurrencies like Bitcoin, tether, Ethereum, and several other cryptocurrencies.
Vauld is a Singapore-based company helping to earn and make a profit on a single interface. Vauld was founded by Sanju Kurian and Darshan Bathija, two Indians, in 2021.
According to media reports of July 3, 2022, Vauld has halted all withdrawal, trading, and deposit services for its users and has constructed an advisory board for potential restructuring.
In an official media release, Vauld chief executive officer Darshan Bathija stated, “The halting process of withdrawal, deposit and trading services is done because of financial issue which is faced due to volatility in the market.”
According to Darshan Bathija, the statement company is facing severe problems, including financial crisis from other partners and, most importantly, a market downtrend.
Reports mentioned that from June 12, 2022, officials have seen that more than $198 million had been withdrawn from the Vauld platform by their users seeing the market downtrend and hearing about Celsius’s decision to halt withdrawals on their platform.
Vauld is funded by many other big companies like Pantera Capita and Coinbase Ventures, with many others on the list. Reports mentioned that the company had raised funds amounting to $27.7 million.
Vauld hired many famous legal and financial advisors like Tann Singapore LLP( legal advisor), Cyril Amarchand Mangaldas, and Rajah(financial advisor) for India and Singapore.
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Conclusion
For the last six months, the market has been facing a severe downtrend, and this trend is forcing the crypto trading companies and platforms to halt their services because they are under significant losses. Companies like Celsius, Vauld, and many others have suspended their service until the market’s stability. As seeing market volatility, in the upcoming 12 months, the market could make some significant variations, according to Charles Hoskison(CEO Cardano).
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
