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Cryptocurrency lending platform Vauld has suspended withdrawals, deposits and trading services, citing "financial challenges."
The company's head Darshan Bathija said in a blog post that financial difficulties of Vauld's "key business partners" also affected the company. He declined to name the partners' name though.
Bathija added that Vauld has already engaged the services of Kroll as its financial advisor, as well as Cyril Amarchand Mangaldas and Rajah & Tann Singapore as legal advisors. He said:
"Our management remains fully committed to working with our financial and legal advisors to the best of our abilities to explore and analyze all possible options, including potential restructuring options, that would best protect the interests of Vauld's stakeholders."
While it remains unclear for how long the company will keep its services suspended, Bathija said the firm plans to apply to the Singapore courts for a suspension of the commencement.
Backed by COINBASE Ventures and investor Peter Thiel, Vauld earlier laid off 30% of its workforce since it failed to hear the "early signs of the economic slowdown,"
