EXCLUSIVE: Crypto lender Vauld owes $363 million to retail investors after halting withdrawals By Yogita_Khatri5
Vauld has also explained in detail what caused its financial difficulties in the affidavit.
Fourthly, Vauld had made several significant investments, including sponsorships agreements with Alfa Romeo and Crystal Palace Football Club from the English Premier League totalling $6 million. These were signed in September 2021 and March 2022, respectively, per the affidavit. A final factor that led to Vauld's financial difficulties is a software bug in its platform that caused a loss of about $4.5 million in August 2021, according to the affidavit.To get some breathing space, Vauld on July 8 applied to the Singapore High Court for a moratorium, which is a suspension of the commencement or continuation of any legal proceedings against the company while it explores its restructuring options.
It remains to be seen how Nexo's due diligence goes. If it fails and Nexo doesn't make a deal with Vauld, the latter could take other paths it has previously highlighted. These include raising more venture capital, converting debt to equity, issuing its own token and developing a payment plan tied to future revenue.
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