Singapore-based Vauld owes creditors US$402 million, with 90% of the debt owed to individual investors, according to a document filed to Singapore’s High Court on July 8 by Vauld co-founder and CEO Darshan Bathija, The Block reported.
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Fast facts
- The troubled crypto lender owes a total of US$125 million to its 20 largest unsecured creditors, as well as US$35 million to an unnamed secured creditor and US$4.1 million to secured creditor FTXTrading Ltd, according to the filing.
- Vauld revealed that its total assets are about US$330 million, and the company has a funding gap of about US$70 million, according to a report last week.
- On July 8, Vauld filed for protection against creditors and lawsuits in a Singapore court, to give it “the breathing space” and to prepare for restructuring, according to its announcement.
- On July 5, London-based rival Nexo began the process for a potential acquisition of Vauld, pending a 60-day period to conduct due diligence.
- On July 4, Vauld froze withdrawals citing “financial challenges.”
- Vauld said it continues to negotiate with Nexo, and a Nexo spokesman said the application to the Singapore court “will in no way affect Nexo’s ability to conduct due diligence,” according to a report from Vigour Times.
See related article: Valar Ventures-backed Vauld to lay off 30% of staff