Singapore-based cryptocurrency exchange Vauld Group is seeking a moratorium on its creditors, a move that will give the distressed creditor more time to restructure its business after falling asset prices affected operations earlier this month.

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On July 8, Wold applied in Singapore for a moratorium, The Wall Street Journal informed Wednesday. If the moratorium is granted, the distressed creditor will have more time to find an appropriate restructuring plan.

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The magazine reported that Singapore’s moratorium order is similar to Chapter 11 bankruptcy in the United States, although the moratorium helps the company avoid a total shutdown.

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Code published July 11 statement informing the public that a moratorium order would be in place to give management “the breathing space needed to prepare for the intended restructuring for the benefit of all stakeholders.” However, the magazine reported that the moratorium had been applied for three days earlier.

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On July 4, Vauld suspended deposits, withdrawals, and trading due to adverse market conditions, ending a three-week period of volatility as clients attempted to withdraw nearly $198 million from the platform. Around the same time that Wold was facing asset depletion, CEO Darshan Batija announced that his company would cut 30% of its workforce.

The collapse of the Terra ecosystem in May exposed the overleveraged players of the crypto industry, leading to the high-profile bankruptcies of Celsius Network, Voyager Digital and Three Arrows Capital. Several exchanges have temporarily suspended trading operations due to a lack of liquidity.