Singapore-based crypto lending company Vauld has suspended withdrawals, trading, and deposits on its network.

‎‎‎‏‏‎ ‎

In a Monday blog post, the firm shared it recorded $197.7 million in customer withdrawals since June 12, when the decline of the crypto market was triggered by the collapse of Terraform Lab’s UST stablecoin, Celsius Network pausing withdrawals, and 3AC defaulting on loans.

‎‎‎‏‏‎ ‎

“We are facing challenges despite our best efforts. This is due to a combination of circumstances such as the volatile market conditions, the financial difficulties of our key business partners inevitably affecting us, and the current market climate.” Vauld’s founder Darshan Bathija wrote.

‎‎‎‏‏‎ ‎

Vauld is working with financial and legal advisors in India and Singapore to explore restructuring options that will "best protect the interests of Vauld’s stakeholders." The crypto lender noted freezing customer withdrawals would help "facilitate" the efforts.

‎‎‎‏‏‎ ‎

This comes just a month after Bathija announced the firm would lay off about 30% of its employees, citing uncertain market conditions, overhiring in 2022, and the actions of a “few market participants” creating uncertainty in the eyes of customers.

‎‎‎‏‏‎ ‎

For more from us at Waivly, join our free fun-to-read and to-the-point newsletter enjoyed by hundreds of people across the internet every day of the week 👇