The Coinbase-backed cryptocurrency exchange Vauld has joined the list of crypto firms that suspend services due to the recent market conditions, leaving their users disappointed.
Less than a month after axing 30% of its employees, the Singapore-based crypto exchange on Monday announced that it is suspending every form of withdrawal, trading, and deposit on its platform.
In the blog post published by the CEO Darshan Bhatija. “…. we have made the difficult decision to suspend all withdrawals, trading, and deposits on the Vauld platform with immediate effect. We believe that this will help to facilitate our exploration of the suitability of potential restructuring options, together with our financial and legal advisors.”
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The continuous downturn in the crypto market has left many crypto investors and traders in fear, leading to majority withdrawing their funds, Vauld exchange is however a victim of this event, according to the CEO statement;
“We are facing challenges despite our best efforts. This is due to a combination of circumstances such as the volatile market conditions, the financial difficulties of our key business partners inevitably affecting us, and the current market climate,”
“This has resulted in significant customer withdrawals in excess of $197.7 million since June 12, 2022, when the decline of the cryptocurrency market was triggered by the collapse of Terraform Lab’s UST stablecoin, Celsius Network pausing withdrawals, and 3AC defaulting on loans,” he added.
Meanwhile, Bhatija on June 16, had earlier stated that the firm is still operating normally and clarified that the firm had no plan to suspend services. According to him,
“We do not have any exposure to Celsius or Three Arrows Capital, and we remain liquid despite market conditions. Over the last few days, all withdrawals were processed as usual and this will continue to be the case in the future.”
This of course boosted the confidence of their users until the recent announcement, leading to many of their users expressing their grievances on social media.
Currently, Vauld startup is working with financial and legal advisors in India and Singapore, the firm is also considering restructuring options with the advisors and methods that would “best protect the interests of Vauld stakeholders.”
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