Singapore-based cryptocurrency lender Vauld has received another extension by a court in Singapore to present its restructuring plan, giving it protection from its creditors until March 24.
Vauld's existing legal protection expires on Feb. 28.
"The moratorium has been extended till 24-Mar-2023," a Vauld spokesperson told CoinDesk via email. "There will be another hearing scheduled before that to confirm the final decision about approval of scheme."
The crypto lender filed for creditor protection in Singapore last July after it suspended withdrawals, trading and deposits on its platform. It initially had until Jan. 20 to work on a restructuring plan.
Vauld has received takeover bids from two digital asset fund managers, according to a Bloomberg report last month. Fellow crypto lender Nexo had been the frontrunner to acquire Vauld, but talks broke down at the start of this year.
As of July, Vauld owed creditors $402 million, 90% of which originated from individual retail investor deposits. Authorities in India froze assets worth 3.7 billion rupees ($44.7 million) a month after it filed for creditor protection.
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.