Troubled cryptocurrency lending platform Vauld has won another creditor protection extension from the Singapore High Court until March 24, during which time it will work out a recovery plan.
Vauld halted withdrawals for its clients last summer after experiencing an unprecedented $200 million worth of withdrawals in less than two weeks amid excessive market volatility. Backed by firms including Coinbase Ventures, PayPal co-founder Peter Thiel's Valar Ventures and CMT Digital, the lender has assets worth about $330 million and liabilities worth $400 million.
It filed for protection from creditors in Singapore after a tie in the deal with rival lender Nexo. The first suspension period is three months. Vauld argued that Nexo failed to provide the details necessary to support its claim of solvency. This prompted the former to stop discussing it.
During the last creditor protection period due on February 28, Vauld revealed that he was in an advanced stage of talks with a potential crisis manager. It received potential takeover bids from two digital asset fund managers. Creditors filed an affidavit last week to prevent the company from applying for another extension of the moratorium.
The new affidavit, filed with the Singapore court, was filed by Jonathan Jeremy Edelman and was joined by creditors William Dolfield, Samuel Burton, Jeffrey Haubush and Brian Bryan, the report said. • Murray's Authorization. In total, Vauld owes the four nearly $2.23 million.
