A Vauld Full of Financial Troubles

• According to Darshan Bathjia, the CEO and Co-Founder of Vauld, the firm first experienced issues due to volatile market conditions and the financial difficulties of its business partners.
• On July 8th, Bathjia filed an affidavit in the High Court of Singapore, and later shared the state of Vauld with customers in an email.
• The legal document revealed that the firm owes a total of $402 million to creditors. Of that sum, $363 million, comes from individual retail investors.
• The document also shared that Vauld owes a total of $125 million to its twenty largest unsecured creditors. From the document, all creditors seem to be individuals – with one exception known as “Party A”.
• In addition to the unsecured creditors, the firm has two secured creditors. An unnamed “Counterparty 1”, and FTX Trading Ltd are owed $35 million and $4.1 million, respectively.

Within the affidavit, the total value of Vauld’s assets is listed as $287.7 million, consisting of various coins such as BTC, ETH and XRP. However, the real value is closer to $330 million, as the affidavit doesn’t include “bank balances”.