Vauld halts client withdrawals and engages restructuring consultants

According to Bathija, Vauld is now in talks with potential investors.

“We intend to apply to the Singapore courts for a moratorium i.e. a suspension of the commencement or continuation of any proceedings against the relevant companies so as to give us breathing space to carry out the proposed restructuring exercise,” he added.

Vauld (previously Bank of Hodlers) is supported by prominent investors such as Peter Thiel’s Valar Ventures, Coinbase Ventures, and Pantera Capital. To date, the company has raised $27.5 million in total capital.

The announcement comes less than a month after Vauld stated on June 16 that business “continues to function as usual amid turbulent market conditions.” “Despite market conditions, we have no exposure to Celsius or Three Arrows Capital and remain liquid.” “All withdrawals have been processed as usual during the last few days, and this will continue in the future,” the firm said at the time.