All withdrawals, trading and deposits have been suspended with immediate effect, according to the Vauld exchange.
The exchange said in a statement that they believe that this will help to facilitate our exploration of the suitability of potential restructuring options, together with our financial and legal advisors.
Vauld said it is facing financial challenges due to the market meltdown despite its best efforts to lower prices this year, as investors worry about rising interest rates. The November record of $69,000 has dragged down the overall market, as it has slumped 70 per cent since its November record of $69,000.
The company has halted investors' transactions, and we believe that this will facilitate our exploration of the suitability of potential restructuring options.
Vauld has also engaged the services of Kroll Pte Limited as a financial advisor, Cyril Amarchand Mangaldas and Rajah Tann Singapore LLP as legal advisors in India and Singapore.
We intend to apply for a moratorium in Singapore. A suspension of the commencement or continuation of any proceedings against the relevant companies will give us breathing room to carry out the proposed restructuring exercise, the company's statement further read.
Vauld is backed by Valar, Pantera Coinbase, CMT Digital and others.