Crypto Lender Vauld Gets Another Extension for Submitting Restructuring Plan: Bloomberg

Vauld has received bids from two digital asset fund managers after talks with Nexo broke down, according to the report.

AccessTimeIconJan 17, 2023 at 11:01 a.m. UTC
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Jamie Crawley is a CoinDesk news reporter based in London.

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Cryptocurrency lender Vauld now has until Feb. 28 to present a plan for its restructuring after being granted an extension by a court in Singapore, Bloomberg reported on Tuesday.

Vauld has received bids from two digital asset fund managers to take over the beleaguered lender, according to the report, citing a person familiar with the matter.

The crypto lender suspended withdrawals, trading and deposits on its platform last July, after which it filed for creditor protection in Singapore and initially had until Jan. 20 to work on a restructuring plan.

For several months fellow crypto lender Nexo was the front runner to acquire Vauld . However, these talks appear to have broken down after Vauld said the deal would not be in its creditors' best interests.

As of July 8 last year, Vauld owed $402 million to creditors, 90% of which originated from individual retail investor deposits. Indian authorities froze assets worth 3.7 billion rupees ($46.4 million) a month after it filed for creditor protection.

Vauld did not immediately respond to CoinDesk's request for comment.



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Jamie Crawley is a CoinDesk news reporter based in London.