Vauld, a Singapore-based crypto exchange, has received court permission to restructure its board. The ongoing bankruptcy proceedings since August 2022 have led to the appointment of new top management to lead the company’s bailout process. The current board will be replaced by a new CEO, a creditor representative, and a scheme manager. In addition, Vauld has resumed know-your-customer (KYC) checks for existing customers and froze the withdrawal option in July 2022 due to unfavorable market conditions and a significant bank run. The company owes around $400 million to its creditors, primarily individual depositors’ money.
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