Singapore-based crypto lender Vauld has suspended all withdrawals, trading and deposits on its platform as it looks at restructuring options.

Vauld has seen withdrawals of around $198 million since June 12, the day when the downturn in crypto markets began to come to a head with crypto lender Celsius pausing withdrawals on its platform the following day.

The firm is exploring potential restructuring options as a means of navigating the challenges it faces, it said in a blog post on Monday.

Last month, Vauld announced it would be laying off 30% of its staff, with most of the team being located in India.

Vauld has enlisted Kroll for financial advisory services. It also hired Cyril Amarchand Mangaldas and Rajah & Tann Singapore LLP as legal advisors in India and Singapore respectively.

The lender raised $25 million in Series A funding last year to expand its retail crypto banking platform and drive international expansion. Peter Thiel-founded Valar Ventures, Pantera Capital and Coinbase Ventures are among its investors.

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