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Crypto Lender Vauld Receives Creditor Protection Extension
The Peter Thiel-backed firm now has till Jan. 20 to work on a restructuring plan.
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.
STORY CONTINUES BELOW
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.
Parikshit Mishra
Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.
