Vauld, a Singapore-based cryptocurrency lending and exchange platform, owes a total of $402 million to its creditors, as reported by The Block.
Of this amount, $363 million, or about 90%, was reportedly deposited by individual retail investors, according to a document filed to Singapore’s High Court on July 8 by Vauld CEO Darshan Bathija and shared with the firm's customers in an email on July 18.
Vauld’s largest individual retail creditor is reportedly owed $34 million.
The firm also owes a total of $125 million to its 20 largest unsecured creditors, as well as $35 million to an unnamed secured creditor.
Another secured creditor is FTXTrading Ltd—the crypto exchange founded by Sam Bankman-Fried—which is owed $4.1 million.
Per court documents, affidavit, Vauld has $287.7 million in various coins, including Bitcoin, Ethereum and XRP. The firm’s actual total assets are worth around $330 million though, as the affidavit doesn't include bank balances. This means a shortfall of around...
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