Defi Payments, the parent company of troubled Singapore-based crypto exchange Vauld, received court approval to protect the platform from potential lawsuits for three months.
See related article: Singapore crypto lender Vauld reportedly owes retail investors US$363
Fast facts
- The Singapore court gave Defi Payments only half of the requested six-month moratorium.
- A majority of the respondents to Vauld’s notices approved of the moratorium, the company said. As of July 26, Defi Payments had 147,000 creditors, it added.
- The court may allow a further extension, if the company remains transparent with creditors and the court, the crypto lender’s page said.
- Justice Aedit Abdullah, who granted Vauld the three-month moratorium, said the platform should provide details like cash flow and valuation of assets to its creditors in two weeks, according to Bloomberg.
- Defi Payments is in exclusive 60-day talks with Nexo towards a buyout by the London-based cryptocurrency platform.
- In early July, Vauld suspended withdrawals, transactions and deposits on its platform, after saying to lay off 30% of its employees.
See related article: Zipmex seeks moratorium from creditors in Singapore court