Cryptocurrency exchanges are shutting down one after another due to unstable market conditions. Vauld is up to date for doing so. On Monday, Singapore-based crypto trading and lending platform announced that it would suspend withdrawals, transactions and deposits.
In a recently published blog post, CEO Darshan Bhatija said:
“…. We have made the difficult decision to immediately suspend all withdrawals, transactions and deposits on the Vauld platform, which, along with our financial and legal counsel, will ensure the suitability of potential restructuring options. I am confident that the investigation will be easier. “
Vald inconvenient due to “economic challenges”
The blog post continued to emphasize that Vauld faces “economic challenges” despite the team’s “best efforts”. It outlines the various external factors that affect the same, and the released statement states:
“This is a combination of conditions such as volatile market conditions, financial difficulties of key business partners that inevitably affect us, and the current market environment that led to the withdrawal of large numbers of customers in excess of $ 197.7 million. By June 12, 2022. ”
In a previously released statement, Vauld made it clear that “in spite of volatile market conditions, we will continue to operate normally.” The email sent on June 16 emphasizes:
“We have no exposure to Celsius or Three Arrows Capital and remain liquid despite market conditions. For the past few days, all withdrawals have been processed normally and will continue.”
Now, the deterioration of the market has clearly forced the company to disgrace its affirmations. The same disappointed users of the platform. Ernst & Young’s article and CA’s final student, Bhavesh Sachdev, spoke only to WatcherGuru and said:
“Obviously, I’m disappointed that I can’t deposit any more or I can’t withdraw. There’s a balance left in my Vauld wallet. Now my money is just idle. I’m. “
In addition, Naimish Sanghvi, CEO of CoinCrunch, said:I’m really sadThe way things were unfolded for Vauld.
Ripple’s CTO, David Schwartz, tweeted about the current situation. “RIP Bold.” When asked about who Vårdö was, Schwartz replied:
The large amount of revenue the company promised was one of the main reasons Sachdev motivated him to park his money on the platform. But now uncertainty is plagued him.
On top of that, it’s important to note that prominent Indian influencers continue to promote the platform on a variety of channels, from YouTube to Instagram. According to Sachdev, such people need to take a step forward and take responsibility. He said,
“People like Ankur Warikoo who have approved Vauld as a very nice app come out and take responsibility and need to let everyone know that this is the situation and we are part of it. I feel. Otherwise, you feel like you are alone. “
During these difficult times, the company allegedly fired its entire content strategy team last month. Nevertheless, we announced an expansion plan towards the end of June.
What will happen in the future?
Sachdev told Watcher Guru that Vauld needs to prioritize users and at least provide a rough schedule of when the company will unsuspend.
The blog post vaguely emphasizes the same thing, Bhatija said:
“Our management has the ability to work with financial and legal counsel to investigate and analyze all possible options, including restructuring options that may best protect the interests of Vauld’s stakeholders. We will continue to do our utmost to exert ourselves to the limit. ”