The Troubled Cryptocurrency Lender Vauld Receives Court Approval to Restructure Board
Singapore-based cryptocurrency lender Vauld has been granted permission by the court to restructure its board. This comes after the lender has been involved in ongoing bankruptcy proceedings for over a year. As part of the restructuring, Vauld will replace its current board with a new CEO, a creditor representative, and a scheme manager. Customers are also being asked to resubmit their KYC information.
Key Points:
- Vauld received court approval to restructure its current board.
- The current board will be replaced with a new CEO, a creditor representative, and a scheme manager.
- Customers are required to resubmit their KYC information.
- Vauld froze customer withdrawals and had its assets frozen by India’s Enforcement Directorate.
- The company has been granted extensions to its creditor protection to work on its restructuring plan.
This development provides some clarity for Vauld’s creditors regarding the company’s restructuring plan. The lender has faced significant challenges, including frozen customer withdrawals and asset freezes. However, with the court’s approval, Vauld can now move forward with its new board and continue its efforts to restructure and regain stability.
Hot Take:
Vauld’s court-approved restructuring of its board is a positive step for the troubled cryptocurrency lender. By bringing in new leadership and ensuring creditor representation, the company can work towards resolving its financial difficulties and rebuilding trust with its customers. With the resumption of KYC checks, Vauld is taking necessary measures to improve compliance and security. It will be interesting to see how the company progresses under its new leadership and whether it can regain its position in the crypto lending market.
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