'Tragic Contagion' Spreads: Major Crypto Lender Vauld Suspends Trading After $198 Million In Customer Withdrawals
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Singapore-based Vauld suspends all withdrawals, trading and deposits with immediate effect. The four-year-old startup blames bearish sentiment for sparking "significant" customer withdrawals of $197.7 million since June 12. Vauld's announcement comes three days after hedge fund Three Arrows Capital failed to make payments on roughly $660 million worth of bitcoin and stablecoin loans; 3AC filed for bankruptcy the same day. Analysts warn the market downtrend is likely to continue until there is a slowdown in inflation. The world's cryptocurrencies have lost some $300 billion in value over the past month—pushing the market to an 18-month low of $890 billion. The price of bitcoin, at roughly $19,500, has fallen more than 70 Source