Another crypto lender Vauld pauses withdrawals as market crash takes its toll
— Halt withdrawals comes less, Defaulting, Lender, Cryptocurrency market, Announced layoffs, Pain, Plunge, Liquidity crisis, Ceo bathija said, Legal advisors — 1 min read
Crypto lender Vauld halts all withdrawals, trading and deposits on its platform. Customers have withdrawn more than $197.7 million from the platform since June 12. Vauld CEO Darshan Bathija said the company is facing "financial challenges" due to "volatile market conditions" The Singapore-based company said it is working with its financial and legal advisors to "explore and analyse all possible options" Billions of dollars of value have been wiped off the value of the cryptocurrency market in the last few weeks. In May, algorithmic stablecoin terraUSD collapsed taking down its sister token luna. Meanwhile, major cryptocurrency hedge fund Three Arrows Capital fell into liquidation after defaulting on a $660 million loan from Voyager Digital Source