Amid broader volatility in the crypto market due to several global macroeconomic factors and the recent collapse of multiple crypto-financial institutions, Singapore-based crypto-trading platform Vauld has suspended all deposit and withdrawal options. The decision came as the platform was facing financial challenges and looking at a potential restructuring.
In a statement released on the company website on Monday, CEO, Darshan Bathija wrote, “ 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. All this has led to a significant amount of customer withdrawals over $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 Three Arrows Capital defaulting on their loans.”
The company, backed by PayPal founder Peter...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...