Vauld Announces Major Board Reshuffle Amid Bankruptcy Proceedings
08/25 10:35
According to a report by Jinse Finance, Singaporean cryptocurrency exchange Vauld, which announced bankruptcy last year, plans to restructure its board by introducing a new CEO, creditor representatives, and program managers. The current CEO and co-founder of the platform's statement indicates that these newly appointed personnel will oversee the rescue plan.
Vauld CEO and co-founder Darshan Bathija tweeted, "Vauld's protocol arrangements have been approved by the Singapore court. As part of this plan, the current board will be replaced by a new CEO, creditor representatives, and program managers." Bathija also mentioned that customers are updating their KYC details.
This statement comes after Vauld faced a money laundering investigation for nearly a year. In August 2022, Indian authorities froze its domestic business assets worth $46.4 million on suspicion of money laundering.
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