Corporate Philanthropy: How Leaders Drive Social Responsibility Initiatives
08/22/2024
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Corporate leaders wield significant influence not only within their organizations but also in society at large. How do these visionaries …
July 5, 2022: -On Monday, the company said that Crypto lender Vauld halted all withdrawals, trading, and warranties on its platform and is looking for potential restructuring options.
On Monday, the Vauld CEO Darshan Bathija said in a blog post that the company is facing “financial challenges” because of the “volatile market conditions, the difficulties of our key business partners inevitably affects the current market climate and us,” leading to customers withdrawing over $197.7 million from the platform from June 12.
The Singapore-based company said it works with its financial and legal advisors to “explore and analyze all possible options, which include potential restructuring options, that would protect the interests of Vauld’s stakeholders.”
Vauld’s move to pause withdrawals comes below three weeks following CEO Bathija says that the company “continues to operate as usual despite volatile market conditions.” On June 16, Bathija said withdrawals were being “processed as usual, and this continues to be the case in the future.”
But Vauld has become the recent victim of the increase in cryptocurrency prices this year. Bitcoin has had its worst quarterly performance since 2011 in the second quarter. Billion dollars were wiped off the value of the cryptocurrency market in the three months.
The market crash has exposed flaws in several cryptocurrency projects and business models. In May, algorithmic stablecoin terraUSD collapsed, which took down its sister token luna. Therefore, central cryptocurrency hedge fund Three Arrows Capital decreased into liquidation after defaulting on a more than $660 million loan from Voyager Digital.
Crypto lending firms like Vauld have faced liquidity issues. Celsius last month paused withdrawals for customers who cited “extreme market conditions.”
Vauld said it is “in discussions with potential investors” in the company.
The company added that it had hired Kroll Pte Limited as its financial advisor and Cyril Amarchand Mangaldas and Rajah & Tann Singapore LLP as its advisors in India and Singapore.
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