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Crypto platform Vauld suspends withdrawals, trading and deposits

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Vauld, a Singapore-headquartered crypto lending and exchange startup, has suspended withdrawals, trading and deposits on its eponymous platform with immediate effect as it navigates “financial challenges,” it said Monday.

The three-year-old startup — which counts Peter Thiel-backed Valar Ventures, Coinbase Ventures and Pantera Capital among its backers and has raised about $27 million — said it is facing financial challenges amid the market downturn, which it said has prompted customer withdrawals of about $198 million since June 12.

Several crypto veterans including Binance founder and chief executive Changpeng Zhao have warned in recent weeks that many more DeFi platforms are on the verge of facing a collapse. In a recent podcast, Zhao said Binance has engaged with over 50 firms in recent weeks to evaluate funding / bailing out opportunities in some businesses.

https://techcrunch.com/2022/07/04/crypto-lending-platform-vauld-suspends-withdrawals-trading-and-deposits-amid-financial-challenges/?

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