Ailing Singapore crypto firm Vauld gets more time to restructure

A SINGAPORE court has extended the creditor protection period for crypto lender Vauld to Feb 28, as the company has yet to come up with a revival plan, said a source familiar with the matter.

Vauld is among a string of crypto lenders that suffered major damage in last year’s digital-asset rout. The source said the company has received bids from two digital-asset fund managers to take over management of the tokens stuck on its platform. It had frozen customer withdrawals in July 2022, and hired advisers to explore a restructuring.

The source, who asked not to be identified discussing private information, added that Vauld said discussions with the fund managers were at an advanced stage.

The company is also in a simmering dispute with Nexo Capital, another lender that is attempting to acquire it. The source said Vauld told the court that it would not proceed with any deal with Nexo.

Last week, Nexo’s office in Sofia, Bulgaria, was raided by local police last week, as part of an investigation into suspected money-laundering and tax crimes.

Vauld did not immediately reply to a request for comment. The court-granted extension was first reported by The Block. BLOOMBERG