Asian cryptocurrency lending firm Vauld has obtained an extended period of creditor protection until Feb. 28 as the firm still has not come up with a revival plan, Bloomberg has learned, citing a person familiar with the matter.
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Vauld, which is currently in the process of a restructuring, has received two bids from two undisclosed crypto fund managers to buy out tokens blocked on the platform, the sources added. While details of the deal remain unclear, Vauld said during a court hearing it is at an "advanced stage" with the funds on the matter.
Last November, Vauld revealed that it has around $10 million stuck on FTX, a bankrupt cryptocurrency exchange. According to court documents, the lender owes creditors over $400 million.
Vauld suspended withdrawals, deposits and trading services, citing "financial challenges" in July 2022. The company's head Darshan Bathija said in a blog post that financial difficulties of Vauld's "key business partners" also affected the company.
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