The High Court of Singapore has granted crypto lending platform Vauld a moratorium on proceedings until November 7 instead of the requested six months, Bloomberg reports.
According to the decision, 147,000 creditors will not be able to file claims against the company. The court has not ruled out an extension depending on Vauld’s progress in resolving the issues.
The platform must provide creditors with cash flow and asset valuation data within two weeks. Within eight weeks, information about the management of accounts.
The crypto lending platform announced on July 4 a suspension of operations and a possible restructuring due to financial difficulties. The next day it became known that rival Nexo had signed a preliminary takeover agreement with Vauld.