Tag: vauld

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Vauld Proposes to Set Up Committee of Creditors – Top Crypto Updates

Vauld proposes to set up Committee of Creditors

Crypto lending platform Vauld reached out to its customers seeking their interest to be a part of a proposed Committee of Creditors (CoC) to whom it owes money. In an e-mail sent out on August 31 to its customers, the company responded to concerns of creditors planning to seek legal representation and withdrawal of allowances during Vauld’s ongoing restructuring process.

Over the last two months, Vauld has halted withdrawals and suspended operations due to financial troubles.

Crypto prices today: Bitcoin falls 1.7%, ETH down 2.9%

Bitcoin is currently trading at $19,940.82, a decline of 1.7% over the previous day. Ethereum is down 2.89% over the last 24 hours to $1,542.94. Solana fell 3.98% to $31.04, while Cardano is trading lower by 2.7% at $0.446. Avalanche (AVAX) has fallen by 3.6% to $18.94. The global crypto market cap stands at $972.06 billion, a 1.8% decline over the previous day.

California crypto licensing bill awaits Governor’s signature

California Governor Gavin Newsom is set to sign a recently passed bill that would require digital asset exchanges and other crypto companies to obtain a license to operate in the state. The Digital Financial Assets Law is also known as California’s “BitLicense”. The proposed law aims to foster responsible innovation by licensing and regulating the activities of crypto exchanges.

Bitcoin mining difficulty spikes

According to BTC.com, the mining difficulty for Bitcoin (the world’s biggest crypto) jumped by 9.26% over the last two weeks. The Bitcoin network’s mining difficulty is at the highest level since January. Mining difficulty refers to the level of complexity involved in the mathematical process behind mining. Miners need to solve complex equations to produce a valid block that can be added to the blockchain. 

Paraguay’s President vetoes crypto mining law

Paraguay’s president, Mario Abdo Benítez, vetoed a bill that would have regulated various digital asset activities, including the commercialization of crypto mining in the country. The primary reason behind the president’s decision against the bill was that crypto mining uses high amounts of energy but brings relatively low employment benefits. 

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BlackRock Launches Spot Bitcoin Private Trust – Top Crypto Updates

BlackRock launches Spot Bitcoin Private Trust

BlackRock has launched a Spot Bitcoin Private Trust to offer its U.S.-based institutional clients direct exposure to the most popular cryptocurrency. The company said it is seeing “substantial interest” from some of its institutional clients in accessing crypto markets through its technology. The asset manager is also exploring permissioned blockchains, stablecoins, crypto-assets, and tokenization.

Crypto prices today: Bitcoin falls 2%, ETH up 0.2%

Bitcoin is currently trading at $23,970.84, a decline of 2.16% over the previous day. Ethereum rose 0.2% over the last 24 hours to $1,891.01. Solana fell 2.43% to $43.36, while Cardano is trading lower by 0.5% at $0.534. Avalanche (AVAX) fell 2.23% to $28.9. The global crypto market cap stands at $1.15 trillion, a 0.99% decline over the previous day.

Creditors move to block Celsius from selling mined Bitcoin

Celsius Network’s unsecured creditors have been pressing the company on potential misconduct by the company and its insiders. During a hearing in the bankruptcy proceeding on August 12, the committee moved to block Celsius’s attempts to sell some of its mined cryptos. On Monday, the committee of unsecured creditors filed a statement calling out “empty and false promises” Celsius’ CEO Alex Mashinsky made days before the company froze customer assets.

ED freezes Vauld’s assets worth Rs 390 crore

The Enforcement Directorate (ED) froze assets worth Rs 370 crore of crypto exchange Vauld. The company is going through a financial strain as it halted all withdrawals and deposits on its platform last month. This development comes days after ED froze nearly Rs 65 crores worth of bank assets belonging to WazirX‘s director Sameer Mhatre in connection with a money laundering investigation.

In other news, Bitbns’ withdrawals in Indian Rupees have been delayed as law enforcement officers have blocked its bank account.

CoinSwitch to fund Web 3.0 startups

Crypto exchange CoinSwitch has introduced a Web3 Discovery Fund with an initial capital of $10 million to back early-stage startups. The fund will curate portfolio startups and provide single-window access to marquee investor partners, including Tiger Global, Ribbit Capital, Coinbase Ventures, and Sequoia Capital India.

[Web 3.0 is the upcoming third generation of the internet. Websites and apps will be able to process data through machine learning (ML), Big Data, decentralized ledger technology (DLT), etc.

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Nexo Plans to Acquire Crypto Lender Vauld – Top Crypto Updates

Nexo plans to acquire troubled crypto lender Vauld

UK-based Nexo has signed an indicative term sheet with the troubled Singapore-based crypto lender Vauld. Under the agreement, Nexo has a 60-day exploratory period within which the company will conduct a due diligence process related to the intended acquisition. Nexo intends to acquire up to 100% of the firm and reorganize its future operations to deepen its presence in Asia.

On Monday, Vauld suspended all withdrawals, trading, and deposits on its platforms due to rising “financial challenges”.

Crypto prices today: Bitcoin falls 1.6%, ETH down 2.8%

Bitcoin is currently trading at $20,029.83, a decline of 1.66% over the previous day. Ethereum fell 2.8% over the last 24 hours to $1,131.58. Solana rose 0.32% to $36.01, while Cardano is trading lower by 2.36% at $0.457. Avalanche (AVAX) rose 2.2% to $18.41. The global crypto market cap stands at $907.23 billion, a 0.51% decline over the previous day.

Crypto firm Voyager files for bankruptcy

Crypto lender Voyager Digital has filed for bankruptcy after suspending withdrawals, trading, and deposits to its platform last week. The Toronto-listed firm estimated that it had more than 100,000 creditors and between $1 billion and $10 billion in crypto assets. Voyager’s stock plunged 11.62% as the news broke.

Bank of England calls for better crypto regulation

In its latest Financial Stability Report, the Bank of England (BoE) called for stricter financial regulations on the back of the recent crypto crash. The report further stated that risk is growing with the crypto industry’s expanding connection with the wider financial system. It added that investor confidence in stablecoins has been shaken, especially those with riskier backings or with less transparency.

Most Indian traders impacted by India’s crypto tax: survey

India’s 30% tax on crypto has severely impacted the trading frequency of 83% of traders, as per a survey conducted by crypto exchanges WazirX and ZebPay. The survey included 9,500 respondents that had actively traded between Jan. 1 and April 15. Around 24% of respondents said they are considering moving trading activities to international exchanges. Meanwhile, 29% said they have traded less since the introduction of the tax.

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Coinbase to Expand Presence in Europe – Top Crypto Updates

Coinbase plans to expand presence in Europe

Crypto exchange Coinbase Global Inc is looking to expand in some European markets, even as the digital asset market experiences a downturn. The company is in the process of expanding in France, Italy, Spain, and the Netherlands, It aims to launch its retail, institutional, and developer products in these markets.

Crypto prices today: Bitcoin at 19,100, ETH falls 1%

Bitcoin is currently trading at $19,105.10. Ethereum is down 1.07% over the last 24 hours to $1,050. Solana fell 0.72% to $32.72, while Cardano is trading lower by 0.26% at $0.448. Avalanche (AVAX) is up 3.78% to $16.68. The global crypto market cap stands at $863.33 billion, a 0.32% decline over the previous day.

Meta to shut down crypto wallet Novi by September

Meta said it will shut down its digital wallet for crypto, Novi, in September. The wallet helps people send and receive money internationally with no fees. The Novi app and its integration with WhatsApp will no longer be available, and users won’t be able to sign in to their accounts after the expiry date.

Vauld suspends withdrawals, trading due to ‘financial challenges’

Crypto exchange Vauld has suspended all withdrawals, trading, and deposits on its platforms due to rising “financial challenges”. The company has witnessed withdrawals above $197.7 million since June 12, 2022, when the collapse of TerraUSD (UST) triggered a crash in the crypto market. Vauld intends to apply for a moratorium in the Singapore courts to get a “breathing space to carry out a proposed restructuring exercise.”

TDS rule brings down volumes on crypto platforms

Spot trading volumes on crypto exchanges CoinDCX, WazirX, and Zebpay declined by ~70% on average yesterday. This is primarily due to the imposition of a 1% tax deducted at source (TDS) on the transfer of virtual digital assets (crypto, NFTs) worth more than Rs 10,000, effective from July 1. It is likely to push day traders to move out of Indian exchanges.