Asian crypto lender Vauld has been granted a three-month moratorium by the Singapore High Court to continue to explore its options, The Block reported on Monday, citing sources with knowledge of the matter.
- The court granted a three-month moratorium prevents Vauld’s creditors from starting or continuing any legal proceedings.
- The firm now has until Nov. 7 to explore its options. In early July, it was reported that Nexo had signed a term sheet to acquire 100% of Vauld.
- The court has also asked Vauld’s creditors to form a committee. The troubled crypto lender owes over $400 million to its creditors, 90% of which originated from individual retail investor deposits.
- At the start of July, Vauld suspended all withdrawals, trading, and deposits on its platform have seen $198 million in withdrawals since June 12. The company had previously said it was laying off 30% of its staff.
- Vauld did not immediately respond to CoinDesk’s request for further comment.