Singapore court extends crypto lender Vauld’s creditor protection to Feb. 28

The Singapore High Court has extended the creditor protection period for crypto lender Vauld to Feb. 28, as the firm has yet to come up with a revival plan, two persons familiar with the matter told The Block.

See related article: Creditors take hostile action as crypto firm Vauld seeks bankruptcy

Fast facts

• This gives Vauld until Feb. 28 to explore options to ease its financial troubles, despite having sought protection until Apr. 21. 
• Vauld froze customer withdrawals in July before starting to explore restructuring plans, including offers from two crypto fund managers to take over the tokens stuck on its platform.
• Vauld’s court affidavit stated that the discussions with the fund managers are at an advanced stage, according to the unnamed sources.
• The affidavit also stated that Vauld will not enter any agreements with Nexo Capital, which is attempting to acquire the company.
• Court documents from July showed that Vauld owed creditors US$402 million, with 90% of the debt owed to individual investors.

See related article: Singapore court gives Vauld parent three-month protection from creditors

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