CoinLoan and Vauld
Any hopes of a reprieve from the crypto collapse were shut down on July 4th, driven in part by dual withdrawal adjustment nightmares at crypto lending platforms CoinLoan and Vauld. In CoinLoan’s case, the lender announced it would dramatically reduce its daily total withdrawal limit to $5,000 down from $500,000. CoinLoan, which referred to the limit as, “provisional,” claims its current level of liquidity still meets its users’ needs. Still, adding to the uncertainty, CoinLoan didn’t provide an end date for the withdrawal limits, instead saying they would lift the measure, “once the market situation allows it.” Great.
Singapore-based lender and exchange startup Vauld, on the other hand, revealed on Independence Day that it was forced to suspend all withdrawals, trading, and deposits on its platform full stop. The news, which came seven bullet points down in a Monday blog post, comes as the firm says it’s facing a combination of uncomfortable circumstances including, “financial difficulties of our key business partners,” market volatility, and an overall run on the banks’ type situation that Vauld says has led to a steady emptying of accounts since June 12.
