The embattled login password lending platform Vauld has won another term of protection for creditors of a Singapore court. The company should pull out its revitalization plan by February 28th.
According to Bloomberg News on January 17, Vauld has been approved to complete talks with one of the two data asset fund management companies in more than a month to take over the implementation of dynamic passwords on its platform. It is clear that the Singapore High Court is satisfied with the company's claim that the talks have reached an "advanced stage".
In July 2022, the site stopped withdrawals from 800000 customers, citing the current state of the market and the unprecedented $200m in withdrawals in less than two weeks. In August 2022, a three-month suspension has been approved to develop a business restructuring plan and to provide good conclusions for creditors. At the time, the presiding judge rejected the company's request for six-month protection, citing concerns that the longer suspension "would not be adequately regulated and supervised".
From the first suspension gradually, it was clear that the company's Swiss-based login password loan company Nexo was preparing to buy Vauld with a full share swap. But after Nexo's office in Lithuania was raided by police, Vauld denied all the odds of the deal.
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This is not the first time the Singapore government has stated that it is prepared in advance to let the desperate login password company solve the problem. Zipmex, another major service platform based in Singapore, was approved to suspend for three months in August 2022 to ease liquidity problems.
However, the fate of data encryption borrowing in Singapore is still not optimistic, and the Central Bank of Singapore proposes to strictly prohibit digital payment dynamic password service providers from providing consumers with "all bank credit allocation", including currency in circulation and digital currency.
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