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Singapore court grants three-month moratorium to Vauld

Vauld's operations remain suspended as customers await withdrawals

Mumbai / August 01, 2022 / 18:03 IST
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A Singapore court on August 1, granted a three-month moratorium to cryptocurrency lending start-up Vauld till November 7, 2022. Following demand letters from a few creditors, the judge further gave a deadline of four weeks to the company to explore mechanisms for withdrawal for creditors in need.

All the creditors will get updated financial details on the Coinbase-backed company in another eight weeks, the court said in a virtual hearing.

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Vauld was earlier seeking a six-month moratorium from the court to strategise the company’s way out of its ongoing liquidity crunch and possible acquisition by London-based crypto lender Nexo. The lending company is currently in the process of due diligence in a 60-day exploratory period while the court proceedings take place in the background.

As of now, the Vauld’s operations remain halted while it has parallelly stopped withdrawals for customers.