The collapse of FTX set into a motion a cascade of problems for the cryptocurrency industry, and many large and reputable companies and exchanges were caught in the collateral damage.

One such exchange that has been struggling is Singpoare’s Vauld exchange, which was forced to suspend withdrawals after $200m was taken out of their exchange in a matter of days following the collapse of Terra.

Vauld has been granted more time to restructure their business

The Singaporean exchange Vauld has been granted more time by the authorities to restructure their business operations and to seek more funding in order to make creditors whole, but has not yet had any success.

Chapter 11 bankruptcy filings are notorious for taking a long time, but the firm believes that given enough of it they will be able to raise the capital necessary for a buyout that can fix their problems.

Vauld refuses Nexo’s buyout offer

Vauld was previously offered a buyout by the firm Nexo, which has itself been mired in controversy, but the team at Vauld refused the offer.

Nexo has been in the news after it has emerged that the firm has several illicit ties to Bulgarian mobsters, and allegations that Nexo isn’t solvent either have been circulating for months.

This may well have been the reason that the deal fell through, after Nexo’s offices were raided by Bulgarian authorities.

The company continues to seek further funding

Vauld continues to seek further funding from large companies such as Binance, who are currently conducting due diligence on the firm.

However, at this stage of the market, there are many firms who are seeking funding and have thus far been unsuccessful, as much of the liquidity in the ecosystem has now dried up.

One such example of a firm that is failing to find funding is Barry Silbert’s DCG, which has not yet managed to secure more investment and may be forced into liquidating some of their assets and restructuring the Grayscale fund.

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