The move comes during the cryptocurrency winter, with massive layoffs and platform user funds freezing
The move comes during the cryptocurrency winter, with massive layoffs and platform user funds freezing
As the turmoil in the crypto sector continues to grow, more companies are taking extreme measures to protect themselves, even if it means blocking their own users from accessing funds.
Singapore-based crypto lending platform, Wold, declared through a corporate statement On Monday it was suspending all deposits, trading and withdrawals on its platform.
“We believe this will help facilitate the exploration of the suitability of potential restructuring options with our financial and legal advisors,” Wald CEO Darshan Bathija said in the corporate statement.
Wald management said it was facing financial challenges due to “volatile market conditions” and was responsible for the fall of terraCelsius Network withholding withdrawaland three arrow capital default on loan for his own difficulties.
It also claimed that customers have withdrawn more than $197.7 million since June 12 this year.
“To take this forward, we have engaged the services of Kroll Pte Ltd as our financial advisors along with Cyril Amarchand Mangaldas and Raja & Tan Singapore LLP as our legal advisors in India and Singapore respectively,” the release said. appointed.”
Mr Bathija also said the company plans to apply to the Singapore courts to stop proceedings against the companies concerned, so that Wold can carry out its “restructuring exercise”.
Some of Wald’s investors include Coinbase Ventures and Pantera Capital.
On June 21, Mr Bathija announced that Wald’s workforce would be cut by 30%.
The move comes as Bitcoin continues to hover around $20,000, while Ether is priced around $1,100. Crypto exchanges have frozen withdrawals over the past weeks, while others such as Crypto.com and Coinbase have announced massive layoffs. market conditions,