Troubled Crypto Lender Vauld Granted 3-Month Moratorium by Singapore High Court: Report

The decision prevents creditors from starting or continuing any legal proceedings.

AccessTimeIconAug 1, 2022 at 12:49 p.m. UTC
Updated May 11, 2023 at 6:55 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Asian crypto-lender Vauld has been granted a three-month moratorium by the Singapore High Court to continue to explore its options, The Block reported on Monday, citing sources with knowledge of the matter.

  • The court granted a three-month moratorium stopping Vauld's creditors from starting or continuing any legal proceedings.
  • The firm now has until Nov. 7 to explore its options. In early July, it was reported that Nexo had signed a term sheet to acquire 100% of Vauld.
  • The court has also asked Vauld's creditors to form a committee. The crypto lender owes more than $400 million to its creditors, 90% of which originated from individual retail investor deposits.
  • At the start of July, Vauld suspended all withdrawals, trading and deposits on its platform – after seeing $198 million in withdrawals since June 12. The company had previously said it was laying off 30% of its staff.
  • Vauld did not immediately respond to CoinDesk's request for further comment.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about