Exchange detects $200 million in withdrawals since June 12, 2019.

The exchange has detected nearly $200 million in withdrawals since June 12, 2019.

Vauld, a Singapore-based crypto lender, has halted all transactions on its platform. The firm is examining restructuring options as it considers suspending withdrawals, trading and deposits.

  • Since June 12, when the downturn in crypto markets started to become apparent, around $198 million has been withdrawn from Vauld. Crypto lender Celsius paused withdrawals on its platform the next day.
  • In a blog post on Monday, the company said that it is looking at ways to deal with its problems, including restructuring.
  • Vauld announced last month that it would be laying off 30% of its staff, with most of the team being located in India.
  • Vauld has hired Kroll for financial advisory services. It also enlisted Cyril Amarchand Mangaldas and Rajah & Tann Singapore LLP as legal advisors in India and Singapore respectively.
  • In 2018, the lender raised $25 million in Series A funding to expand its retail crypto banking platform and drive international expansion. Valar Ventures, Pantera Capital and Coinbase Ventures are among its investors, which are led by Peter Thiel.