According to The Block’s sources, Vauld has received a three-month moratorium on continuing to explore its capabilities from the Supreme Court of Singapore. Creditors will not be able to start or continue any legal proceedings for the next 90 days.
The Supreme Court’s decision determines the formation of a committee whose goal will be to find a way out of the situation with Vauld’s debt obligations in the amount of more than $400 million. More than 90% of debts come from deposits of private investors.
In early July, Vauld suspended withdrawals, trading and deposits on its platform. The reason for the suspension was the withdrawal of $198 million from the company’s accounts and the statement of Vauld management about the dismissal of more than 30% of its staff.
Also in early July, it was announced that an agreement had been signed to purchase a 100% stake in Vauld by the Nexo platform.