On July 4, Vauld, a Singapore-based crypto firm founded by Darshan Bathija and Sanju Sony Kurian in 2018, suspended all transactions (deposits, withdrawals or trading). The platform used to let individuals buy, borrow, lend, and trade in crypto currencies. Vauld said that the suspension of withdrawals was the result of massive customer withdrawals since June 12, 2022, amounting to over $197.7 million. The world crypto markets have also dipped due to investor fears, with the global market cap shrinking to $1.02 trillion from $1.10 trillion as of June end. 

The first sign of trouble came on June 21, when Bathija tweeted that Vauld had to lay off up to 30 per cent of the workforce. One of Vauld’s USPs was that it offered the investor “crypto fixed deposits”—meaning, it allowed you to place tokens in a FD for 30 days and reap principal plus interest at the end of the term. “I understand that a lot of our customers are nervous about their funds,” Bathija, who is also Vauld’s CEO, has since tweeted. “We are working tirelessly to ensure your finances are protected. We have signed an indicative term sheet with Nexo to acquire up to 100 per cent of Vauld.”