{"id":57802,"date":"2023-08-25T09:23:30","date_gmt":"2023-08-25T13:23:30","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=57802"},"modified":"2023-08-25T09:23:33","modified_gmt":"2023-08-25T13:23:33","slug":"court-grants-vauld-permission-to-restructure-board","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/court-grants-vauld-permission-to-restructure-board\/","title":{"rendered":"Court Grants Vauld Permission to Restructure Board"},"content":{"rendered":"\n

Vauld, a Singapore-based cryptocurrency exchange<\/a> in bankruptcy proceedings since August 2022, has received court approval to restructure its board of directors. The new upper management will oversee the company's rescue operation.\u00a0<\/p>\n\n\n\n

\"Court
Court Grants Vauld Permission to Restructure Board <\/figcaption><\/figure>\n\n\n\n

Vauld's co-founder Darshan Bathija announced on X (previously Twitter) on August 24 that a Singapore court approved the company's scheme of arrangement. The proposal calls for replacing the current board with a new CEO, a creditor representative, and a scheme manager.<\/p>\n\n\n\n

Additionally, the platform resumed know-your-customer<\/a> (KYC) checks for existing consumers who must resubmit their verification documents. In August 2022, Indian law enforcement confiscated $46.4 million from Flipvolt Technologies, the Indian branch of Vauld, due to allegations of money laundering.<\/p>\n\n\n\n

Vauld suspended customer withdrawals in July 2022, citing unfavorable market conditions and a two-week “bank run” that cost $200 million in withdrawals. The company attributed its losses to the falling prices of leading cryptocurrencies and its exposure to the collapsed stablecoin UST in May 2022.<\/p>\n\n\n\n

It was granted a three-month moratorium in August 2022 to devise a reorganization plan. The plan proposed an acquisition by the Swiss-based crypto lender Nexo\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, but Nexo's office was invaded by law enforcement in January 2023, and negotiations ceased.<\/p>\n\n\n\n

In the same month, a Singaporean court granted Vauld another period of creditor protection, which was extended in February. Approximately $400 million is owed to creditors, the preponderance of which is from individual depositors.<\/p>\n","protected":false},"excerpt":{"rendered":"

Vauld, a Singapore-based cryptocurrency exchange in bankruptcy proceedings since August 2022, has received court approval to restructure its board of directors. The new upper management will oversee the company’s rescue operation.\u00a0 Vauld’s co-founder Darshan Bathija announced on X (previously Twitter) on August 24 that a Singapore court approved the company’s scheme of arrangement. The proposal […]<\/p>\n","protected":false},"author":12,"featured_media":57805,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[10893,1406,931,10874],"class_list":["post-57802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-bankruptcy","tag-crypto-exchange","tag-singapore","tag-vauld"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/image-94.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/57802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=57802"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/57802\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/57805"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=57802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=57802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=57802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}