Crypto Lender Vauld Suspends Withdrawals Due to Financial Difficulties

Another crypto lending and exchange platform becomes the victim of the current financial crisis.

Earlier today, Singapore-based Vauld has announced that it suspends all withdrawals, deposits, and trading due to financial difficulties. The company has also announced that it is now looking for investors to explore restructuring options.

Vauld’s co-founder and CEO Darshan Bathija has revealed that over $197.7M has been withdrawn from the platform since June 12. Events such as Terra Luna’s collapse, Celsius Network’s suspension of withdrawals, and Three Arrows Capital’s default could have contributed to the platform’s decline.

Following the news, Binance founder and CEO Changpeng Zhao has warned the crypto community against using platforms that require VC funding. In recent weeks, several other crypto experts have indicated that many DeFi platforms might be on the verge of collapse.