JUST IN: 🇮🇳 Indian authorities freeze #crypto exchange Vauld assets worth $46.5 million.
— Watcher.Guru (@WatcherGuru) August 12, 2022
The Vauld exchange, which found itself in the middle of a financial crisis after the deep declines in the crypto money markets in the past months, announced that it had suspended its withdrawals in early July.
The Singapore-based stock market operating in India could not be recovered despite all efforts during the past month. Finally, the Singapore Supreme Court evaluated Vauld’s request, which applied to the court on 7 July for a moratorium period. As a result of this evaluation, Vauld was given a 3-month interim period while his competitor was in the process of buying.
After the bankruptcies and thousands of users were victimized, the Indian government officials started detailed investigations of the exchanges operating in the country. As a result of these investigations, the manager of the WazirX exchange was taken into custody.