Crypto Lender Vauld Halts Withdrawals As Stress Mounts On Crypto Industry #TOGRP7
Vauld’s CEO has said that the crypto exchange is halting all trading, deposits, and withdrawals owing to financial difficulties. As it navigates “financial challenges,” Vauld, a Singapore-based cryptocurrency lending and exchange firm, has suspended withdrawals, trading, and deposits on its platform.
Vauld appeared to be in trouble for some time because the cryptocurrency exchange had earlier revealed that it would downsize its employees by 30% in June. Vauld also stated in the release that it was lowering its marketing expenditures, lowering hiring efforts, and slashing executive salary by 50%. The business has given the economic downturn as justification for this. According to reports, the company is setting up customer deposits to cover margin calls in relation to collateralized loans.