Vauld, a cryptocurrency exchange promoted by Trump-supporting billionaire Peter Thiel, suspended some operations Monday after its clients withdrew nearly $200 million since mid-June, CNBC reports, as crypto investors panic during a crash in the market.
Based in Singapore, Vauld is stopping all withdrawals from account holders, hoping to stem the plummet of the crypto market after $197 million has been withdrawn since June 12th. Vauld allows users to trade multiple cryptocurrencies on a single platform.
The CEO of Vauld, Darshan Bathija, said in a blog post Monday that the company was working with financial and legal advisers to “explore and analyse all possible options, including potential restructuring options, that would best protect the interests of Vauld’s stakeholders,” which can be interpreted to mean the company management is panicking in the face of the crypto collapse.
Peter Theil, the co-founder of PayPal who now imagines himself as a kingmaker and a destroyer of all things he dislikes, had led a round of investors raising $25 million for the company just last July. It announced two weeks ago that it would lay off 30% of its staff, the latest in the industry to announce cutbacks.