The Block reported that Singapore-based Vauld owes creditors US$402 million, with 90% of the debt owed to individual investors, according to a document filed to Singapore’s High Court on July 8 by Vauld co-founder and CEO Darshan Bathija.
According to the filing, the troubled crypto lender owes a total of US$125 million to its 20 largest unsecured creditors, US$35 million to an unnamed secured creditor and US$4.1 million to secured creditor FTXTrading Ltd.
According to a report last week, Vauld revealed that its total assets are approximately US$330 million, and the company has a funding gap of nearly US$70 million.
To prepare for restructuring, Vauld filed for protection against creditors and lawsuits in a Singapore court on July 8, according to its announcement.
London-based rival Nexo began the process for a potential of acquiring Vauld on July 5, pending a 60-day period to conduct due diligence.
On July 4, Vauld halted all withdrawals citing “financial challenges.”
According to a report from Vigour Times, Vauld said it will continue to negotiate with Nexo, and a Nexo spokesman said the application to the Singapore court “will in no way affect Nexo’s ability to conduct due diligence”.
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