Indian cryptocurrency exchange Vauld suspends withdrawals, trading

Company says it's looking for new potential investors as it considers the option of restructuring

Vauld, the Coinbase-backed Indian cryptocurrency exchange, said on Monday it is suspending all withdrawals, trading and deposits as it battles financial challenges.

Darshan Bathija, Vauld’s co-founder and CEO, in a blog post on the company’s website talked about the financial difficulties of business partners and customer withdrawals in excess of $197.7 million since June 12 when the cryptocurrency market declined after the collapse of Terraform Lab’s UST stablecoin, Celsius network pausing withdrawals, and Three Arrows Capital defaulting on loans.

Singapore-based Vauld said it is looking for new potential investors as it considers the option of restructuring. Vauld will consider a