The obligations of the cryptocurrency lender Vauld to customers reached $400 million, although the volume of assets on the site is $330 million, according to the head of Vauld Darshan Batija declared in a letter to investors.
At the same time, the declared amount is not yet final, since the company is still auditing reserves. Batidja previously said that Vauld has $1 billion in assets under management. The Vauld chief also added that Defi Payments, the parent company, has applied for a moratorium on payment of client assets for up to six months.
How exactly Vauld ended up in debt, Batidzha did not elaborate. However, in the letter, he stressed that he remains “extremely optimistic” about a potential takeover by another lending firm, Nexo. However, the timing of the purchase and the amount of the transaction are still unknown.
Earlier it became known that Nexo wants to buy out all the rights to Vauld and “re-engineer future operations in order to accelerate a deeper presence in Asia.” Recall that Vauld unilaterally stopped trading, deposits, as well as the withdrawal of cryptocurrencies for business restructuring. Bathija wrote on the company’s blog that the site had stopped providing services to users due to “financial difficulties.” What exactly caused the stoppage of business is unclear.
The head of Vauld also added that he played on “financial difficulties” unstable market conditions, financial difficulties of “key business partners”, as well as “current market climate”. About what business partners there is a speech, the head of Vauld too did not begin to specify.
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