Crypto Lender Vauld Receives Creditor Protection Extension

The Peter Thiel-backed firm now has till Jan. 20 to work on a restructuring plan.

Nov 11, 2022 at 1:10 p.m. UTC

Updated Nov 11, 2022 at 2:41 p.m. UTC

CDCROP: Singapore cityscape (Shutterstock) — Singapore-based Vauld now has protection from its creditor until Jan. 20. (Shutterstock)

Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.

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Troubled cryptocurrency lender Vauld has received an extension on its creditor protection program, the firm said on Friday.

The lender backed by PayPal (PYPL) co-founder Peter Thiel had filed for creditor protection in Singapore earlier this year. The firm received an extension until Jan. 20 and said that it has been working on a restructuring plan.

According to an affidavit on July 8, the company owed $402 million to its creditors, with 90% of that debt originating from individual retail investor deposits.

Indian authorities had frozen assets worth 3.7 billion rupees ($46.4 million) of the company, a month after Vauld filed for creditor protection.

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