Coinbase-backed cryptocurrency exchange Vauld has announced it has frozen withdrawals and hired advisers to explore a possible restructuring, following in the footsteps of other rivals such as Celsius Network and Babel Finance who resorted to last-ditch measures to survive the collapse of the market, as reported by the Bloomberg agency.
The Singapore-based firm has hired Kroll as a financial adviser and Cyril Amarchand Mangaldas and Rajah & Tann Singapore LLP as legal advisers, chief executive Darshan Bathija said on Monday. All withdrawals, transactions and deposits on the platform have been suspended.
Vauld’s move came less than three weeks after the company said it was processing withdrawals “as usual and will continue to do so in the future.” The turnaround indicates the speed with which falling prices are hitting the industry, affecting businesses such as Celsius and major hedge fund Three Arrows Capital.
Shortly after trying to reassure its customers, Vauld announced plans to cut 30% of its workforce.
It is noted that according to investing.com, Bitcoin is up 1.79% in the last 24 hours and is moving at $19,377.4. The largest cryptocurrency has fallen more than 70% since its peak in November.