futurewithcrypto.com
Parent company Defi Payments of troubled cryptocurrency lending platform Vauld has applied to a Singapore court for a four-month extension of its ban until March 7, 2023.
The earlier three-month deadline for the moratorium on the Coinbase-backed start-up was to expire on November 7, 2022.
The extension request will be defended on the grounds that its creditors or the Committee of Creditors (CoC) Vauld had begun, still assessing the restructuring plan.
DeFi Payments also plans to “run a proper voting process and file the necessary court applications.”
Meanwhile, discussions on London-based crypto lender Nexo for a "potential investment" continued.
From 5 July, Wald suspended its withdrawals and operations, citing financial troubles.
This was followed by raids by the Enforcement Directorate (ED), which allegedly slashed his bank balance, payment gateway balance and crypto balance by Rs 370 crore to aid predatory lending apps.
Nexo was in the process of doing its due diligence within a fixed time frame of 60 days, which has now been extended for another 30 days.
“The 60-day exclusivity period previously agreed with Nexo to perform due diligence with respect to the potential acquisition has been extended to a period of 30 days from today.
That's because the due diligence process takes longer, Wald explained in another email obtained by Moneycontrol to his creditors.