CZ Warns Users Amid Vauld Suspending Its Activities: Do You See More Exchange Halting Activities?

Zhao warned users to stay careful of platforms they use. He emphasized users to be especially careful of the platforms that require venture capital funding for running the firm. Although not all, Zhao clarified that most of these firms don’t possess a real business model. Notably, crypto trading platform Vauld has halted all activities on its platform according to news on CoinQuora, citing severe market conditions.

Zhao implored the users to stay cautious after conveying the news about Vauld. CZ also engaged with different firms that are currently struggling and are trying to bail out projects that are worth saving.

The platform released a corporate statement on Monday to inform its users that it is halting its withdrawals, trading, and deposits. Vauld has been providing services and listing projects from different networks like Cardano, Filecoin, Concordium, hyperledger, etc for over three years and is backed by firms like Pantera Capital, Coinbase Ventures, and several others.

Vauld cited that it is encountering challenges financially during the harsh market conditions. The platform added that the recent market conditions have caused several users to withdraw excess funds of around $197.7 million since June 12. This action was followed by a panic among investors since the collapse of Terra and Celsius, halting its withdrawals.

Darshan Bathija, the founder and CEO of Vauld, said the company is looking at restructuring possibilities. On June 16, the platform announced a statement in which it claimed that despite the volatile market conditions, the platform is operating as usual. Could it be the end of Vauld?