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Vauld gets creditor protection until Feb. 28 — shorter than requested

Quick Take

  • Troubled crypto lender Vauld has received yet another moratorium extension until the end of February.
  • Vauld, however, had sought an extension until Apr. 21.

Troubled Asian crypto lender Vauld has received a further extension to its legal protection from creditors — albeit a shorter delay than requested.

The company now has until Feb. 28 to explore options to ease its financial troubles, two sources with direct knowledge of the matter told The Block. Vauld, however, had sought protection through Apr. 21, according to an affidavit obtained by The Block. The firm's previous creditor protection expires on Jan. 20. The latest extension was granted today in the Singapore High Court at a hearing before Justice Aedit Abdullah, the sources said.

Vauld halted client withdrawals in July and has been in discussions with rival Nexo since then for a potential acquisition. Earlier this month, the two parties entered a dramatic tussle. Vauld and its committee of creditors had rejected a "final" takeover proposal from Nexo because of concerns about its financial health and others issues, and Nexo said that Vauld CEO Darshan Bathija doesn't have the best interest of its creditors in mind. Last week, Nexo's o