Contagion Spreads as Crypto Lender ‘Vauld’ Freezes Withdrawals
Categories: Crypto News US
ContagionSpreads as Crypto Lender ‘Vauld’ Freezes Withdrawals
Cryptolending platforms are growing rapidly under the microscope and thelatest evidence of a “tragic transition” is Singapore-based cryptolending firm Wald, which has become the latest to suspend all withdrawals,trading and deposits on its platform.
Wald, which raised US$25 million last year, has now enlistedan advisory firm to assist with its corporate restructuring, claiming thatmanagement is "fullycommitted" to achieving the best results for all stakeholders.In the interim, the company has taken the "tough decision" to suspend allservices and is committed to providing updates to its customers in due course.
Several influential people have been called upon to promoteWald, while others appeared to take a more optimistic view. Given the recentmarket slump with play in Terra, Celsius, BlockFi and Three Arrows, itis no surprise to see depositors rushing to safety. As the 'Oracle of Omaha',Warren Buffett once opined.