Crypto investment firm Vauld abruptly halts withdrawals

The startup, backed by Coinbase and Peter Thiel’s Valar, says it saw about $200 million in withdrawals over three weeks. It might be insolvent.

Citing broader volatility in the crypto market due to macro economic circumstances and collapse of certain key crypto institutions, Vauld has decided to suspend withdrawals, deposits and trading for all users. The Singapore-headquartered but largely India-based company offered users a place to invest their cryptocurrency holdings and earn interest as high as 12.68% (and in a few cases higher); it also offers a trading platform as a cryptocurrency exchange. 

Depositors who spoke with us said they were not given any information by the exchange about the halting of operations prior to today’s announcement. The same goes for crypto startups who …

Author

Akanksha Sarma

Akanksha is a former writer at The Morning Context, who covered the cryptocurrency industry and other new technology. Her main area of interest is exploring the vast intersection between businesses and culture in the internet age. Previously, she was an associate sub-editor at Moneycontrol, the online financial news publication owned by Network18.

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