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Following that statement, Ehrlich posted on Twitter that "Customers with crypto in their account(s) will receive in exchange a combination of the crypto in their account(s), proceeds from the 3AC recovery, common shares in the newly reorganized Company, and Voyager tokens." Source
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Leading cryptocurrency lender Nexo has offered to buy distressed competitor Vauld, which halted operations in the face of financial difficulties. The proposal comes after the Singapore-based company said it was exploring restructuring options. Nexo Secures Exclusive Agreement to Explore Vauld’s Acquisition Singapore-based crypto lending and trading platform Vauld, which announced suspension of
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Along with competitors including Celsius Network and Babel Finance, Vauld, a cryptocurrency lender supported by Coinbase Inc., said it suspended withdrawals and recruited advisers to investigate a potential restructuring to withstand the market crash. According to Chief Executive Officer Darshan Bathija's blog post on Monday, the Singapore-based company has retained
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On July 4, the crypto lending company Vauld announced it suspended withdrawals, trading, and deposits after disclosing the firm is “facing challenges.” While not naming any specific companies, the Singapore-based cryptocurrency lending platform and exchange mentioned “financial difficulties” stemming from “key business partners.” Vauld Suspends Withdrawals Over ‘Financial Difficulties’ During the last
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Withdrawals are still paused and the company has hired restructuring experts as it faces a financial crisis. Source
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According to Blockfi’s co-founder Zac Prince, the company has signed definitive agreements with the crypto firm FTX and the deal is currently up to shareholder approval. The deal represents a total of $680 million, but Prince also noted that $240 million of that total could be used to acquire Blockfi
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Babel is in the process of signing an engagement letter with the investment banking firm, a source said. Original Source
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These actions could include “pursuing strategic transactions” and “restructuring its liabilities” among other strategies, the company said. “These exhaustive explorations are complex and take time, but we want the community to know that our teams are working with experts from many different disciplines,” Celsius wrote. Original Source
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Many DeFi protocols put code changes up to the community. Their token holders get to vote on new listings, rate hikes, partnerships, that sort of thing. The bigger the user’s token trove, the weightier its opinion. It’s an imperfect system for managing purportedly decentralized systems, albeit a popular one. Source
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After the crypto lending platform Celsius halted operations on June 12, at 10:10 p.m. (ET), two days later the Wall Street Journal (WSJ) quoted “people familiar with the matter” who said Celsius was hiring restructuring lawyers. At the time, the WSJ said Celsius was looking to hire the bankruptcy and
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