Exchange News- Jatin Mazalcar left Vauld after the crypto lender stopped withdrawals.
- Vauld halted all withdrawals on July 4th due to the financial difficulties.
Vauld CFO Jatin Mazalcar has left the company after the Singapore-based cryptocurrency lender was compelled to cease client withdrawals last week. Mazalcar continued to serve as a consultant for the business after he left his position as CFO.
Vauld’s headquarters are in Singapore, while the majority of its employees are in India. To assist with possible restructuring and funding possibilities, Vauld has employed Indian and Singaporean legal and financial advisors.
Peep in the Vauld’s Past
Vauld, a company launched in 2018 by Bathija and Sanju Kurian, provides a variety of options for cryptocurrency investors, including fixed deposits and platforms for asset-backed lending and borrowing. On July 4th Vauld stopped its operations due to financial challenges and erratic market conditions.
In the meantime, we have made the difficult decision to suspend all withdrawals, trading and deposits on the Vauld platform with immediate effect.
— Vauld (@VauldOfficial) July 4, 2022
Since June 12th, 2022, the company has had withdrawals totaling $198 million. The large withdrawals were attributed to Terra’s implosion, Celsius Network’s financial difficulties, and 3AC defaulting on its financing.
To cut costs during the instability of the cryptocurrency market, Vauld was forced to decrease its employment by 30% in June. Following that, it immediately ceased taking customer accounts.
Users of Vauld’s Telegram channel were informed by Bathija that the company was working on a solution and will make an announcement regarding liabilities and finance. According to an insider source, the company intends to send a letter to its creditors.
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Source: https://thenewscrypto.com/vauld-cfo-resigned-from-designation-amidst-market-dip/