Darshan Bathija Announces Changes at Vauld
Darshan Bathija, CEO of cryptocurrency lending platform Vauld, has revealed that the company will be implementing several amendments, including appointing a new CEO. The bear market has had a significant impact on Vauld, leading to layoffs and the suspension of withdrawals and deposits. The company also filed for protection against creditors in July last year.
Key Points:
- A new CEO, creditor representative, and scheme manager will replace the current board at Vauld as part of the company’s scheme of arrangement.
- Customers are being asked to resubmit their KYC information.
- Vauld halted withdrawals and transactions in June 2023 and announced the suspension of all platform activities.
- Vauld had until April 28 to introduce a revival plan after filing for creditor protection.
- Vauld rejected a proposed acquisition by Nexo, citing it wasn’t in the best interests of its debtors.
Hot Take:
Vauld’s decision to appoint a new CEO and make other amendments shows the company’s commitment to overcoming its financial challenges. The hiring of a scheme manager and creditor representative also suggests a focused effort to resolve outstanding debts. However, the rejection of the Nexo acquisition proposal raises questions about the company’s future direction and potential partnerships. It remains to be seen how these changes will affect Vauld’s operations and its ability to repay affected users.
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