Crypto lender Vauld offered lifeline a day after suspending withdrawals
— Plunged, Staff .“ nexo aims, Terrausd ’, Zeroing, Monday, Lifeline, Based vauld ’, Day, Nexo wrote, Tuesday release — 1 min read
Nexo and Vauld have signed a term sheet that would allow the London-based platform to purchase as much as 100 percent of Vauld. Nexo's native token, NEXO, plunged to 50 cents in early July from its one-month high of $1.29. On Monday, Vauld chief executive Darshan Bathija announced that the platform had suspended all withdrawals, trading and deposits for its 800,000 members. Since June 12, he said, more than $197.7 million had been withdrawn amid a broader industry meltdown, including the zeroing of TerraUSD’s stablecoin, the withdrawal freeze by crypto bank Celsius, and the crypto-focused hedge fund Three Arrows Capital falling into liquidation. Source