Singapore High Court has granted distressed crypto lending firm Vauld a three-month moratorium to continue exploring options on how it can repay its creditors.
The latest legal action from the court allows them to enjoy a three-month moratorium that stops its creditors from starting or continuing any legal proceedings. Vauld now has bought some time until Nov 7 to explore its options. Meanwhile, the court has asked Vauld's creditors to form a committee.
Following demand letters from some creditors, the judge has given the deadline for Vauld to explore mechanisms for withdrawal for creditors in need.
The crypto lending company owes more than $400 million to its creditors, 90% of which came from individual retail investor deposits.
The lender is currently in the process of due diligence in an exploratory period while the court proceedings take place in the background.
All the creditors will receive updated financial details on the Peter Thiel-backed cryptocurrency lender in another...
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