Crypto Lender Vauld Receives Creditor Protection Extension
The Peter Thiel-backed firm now has till Jan. 20 to work on a restructuring plan.
Updated May 9, 2023 at 4:02 a.m. UTC
Troubled cryptocurrency lender Vauld has received an extension on its creditor protection program, the firm said on Friday.
The lender backed by PayPal (PYPL) co-founder Peter Thiel had filed for creditor protection in Singapore earlier this year. The firm received an extension until Jan. 20 and said that it has been working on a restructuring plan.
According to an affidavit on July 8, the company owed $402 million to its creditors, with 90% of that debt originating from individual retail investor deposits.
Indian authorities had frozen assets worth 3.7 billion rupees ($46.4 million) of the company, a month after Vauld filed for creditor protection.