The Singapore High Court has extended the creditor protection period for crypto lender Vauld to Feb. 28, as the firm has yet to come up with a revival plan, two persons familiar with the matter told The Block.

See related article: Creditors take hostile action as crypto firm Vauld seeks bankruptcy

Fast facts

  • This gives Vauld until Feb. 28 to explore options to ease its financial troubles, despite having sought protection until Apr. 21. 
  • Vauld froze customer withdrawals in July before starting to explore restructuring plans, including offers from two crypto fund managers to take over the tokens stuck on its platform.
  • Vauld’s court affidavit stated that the discussions with the fund managers are at an advanced stage, according to the unnamed sources.
  • The affidavit also stated that Vauld will not enter any agreements with Nexo Capital, which is attempting to acquire the company.
  • Court documents from July showed that Vauld owed creditors US$402 million, with 90% of the debt owed to individual investors.

See related article: Singapore court gives Vauld parent three-month protection from creditors