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Vauld claims $70 million shortfalls in payments to investors

Vauld claims $70 million shortfalls in payments to investors

The platform went to court to get a six-month reprieve to pay its debts.

According to BusinessLine, the founder of cryptocurrency platform Vauld, Defi Payments, has applied to a court in Singapore for a six-month moratorium on the repayment of debts. The company cites losses in BTC, ETH, and MATIC trading, as well as the collapse of the UST stablecoin, as the main factors that caused the difference of $70 million between assets and liabilities. Vauld's representative stressed that the company is not shutting down but rather asking for time to develop a restructuring strategy.

Vauld has about $330 million in assets and about $400 million in liabilities, and a significant portion of the platform's assets are also placed in 3 to 11-month term loans that cannot be withdrawn prematurely.

Recall that on July 4, Vauld suspended withdrawals, trading, and deposit placement on the platform. This is not the first crypto platform to face significant financial difficulties. 

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