ANOTHER CRYPTO PLATFORM HAS ITS OPERATIONS PAUSED FOLLOWING CRYPTO MARKET CLASH!

The cryptocurrency exchange Vauld has announced the immediate suspension of all withdrawals, trading, and deposits on its site due to “financial issues.”

The collapse of the Terra UST stablecoin, the Celsius network’s suspension of withdrawals, and Three Arrows Capital’s default on their loans all contributed to a decline in the crypto market on June 12. That resulted in significant customer withdrawals totaling more than $197.7 million, according to the CEO of Vauld.

The Crypto exchange decreased its personnel by almost 30% last month due to the unstable market conditions.

The business is now in talks with possible Vauld Group investors, according to CEO Darshan Bathija.

Suppose some customers are required to meet margin calls with collateralized loans. In that case, special arrangements will be made for their deposits, according to the company.

The marketing budget has already been reduced, hiring has been halted, executive compensation has been cut in half, and most vendor engagements have been suspended.

The Singapore-based company raised $27 million in funding to recruit one million Americans. Asia, Singapore, and Europe were next.