A series of negative news recently put the crypto market under extreme pressure. The market crash prompted Vauld, the Singapore-based crypto exchange, to make the difficult decision to suspend all deposits/withdrawals and trading on the platform immediately.
As of May of this year, Vauld has been doing very well, managing up to $1 billion worth of assets. Until June 16, when the market had been facing many difficulties, the exchange still claimed to keep operating as usual. But just five days later, CEO Darshan Bathija revealed that Vauld had cut 30% of its staff and most of them were Indian workers. This is also the first sign that the platform is struggling.
In a petition filed with the Singapore court, Vauld said: Since June 12, the amount of money that customers withdraw from this exchange has exceeded $ 197.7 million. This is considered a consequence of the collapse of 3AC fund and the insolvency of the Celsius protocol as well.
Amid market crash, business partners experienced many financial difficulties that negatively affected Vauld and forced them to freeze client funds. After Celsius, Voyager and CoinFLEX, Vauld has become the next platform to block users from withdrawals.
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