Struggling Crypto Firm Vauld granted extra time to present restructuring plan

Vauld, a Singapore-based cryptocurrency lender, has been granted a further extension by the Singaporean authorities to file a restructuring plan.

This comes as Vauld has been one of the worst affected cryptocurrency firms by the prolonged bear market. The firm trimmed its team by 30% last summer, reduced its marketing campaigns, and later halted customer withdrawals.

After failing to secure an acquisition deal with Nexo, Vauld filed for protection against creditors in Singapore, similar to Chapter 11 bankruptcy in the USA, in order to reconstruct its operations.

The Singapore High Court initially ordered protection until November 7, 2022, and later extended it to January 20, 2023, and now until February 28, 2023 as per reports.

Additionally, Vauld has received offers from two fund managers who could assume control of the assets stuck on the platform and the discussions with these finance players are in advanced stage.

Vauld also assured that it has no plans to renew any agreement talks with Nexo, the latter being in the spotlight recently after the Bulgarian authorities raided its offices as part of a probe into suspected money laundering and tax crimes.