Singaporean authorities have reportedly granted Fuld an extended period of creditor protection.
The cryptocurrency lender has until February 28 to implement its revival plan.
- Vauld is one of the cryptocurrency entities hardest hit by the prolonged bear market. the trimmed Its team size decreased by 30% last summer, it scaled back its marketing campaigns and subsequently halted customer withdrawals.
- After failing to enter into an acquisition agreement with Nexo Corporation Archived For protection against creditors in Singapore. The process, very similar to a Chapter 11 bankruptcy in the US, was intended to give it the “breathing space” needed to rebuild crippled operations.
- Initially the Singapore High Court Command The protection applies until November 7, 2022. The authorities later extended that period to January 20, 2023.
- According to Bloomberg reportsFuld has been given another month and has until February 28, 2023, to work out a restructuring plan.
- A person familiar with the matter said the company had received offers from fund managers to take control of the outstanding assets on the platform.
- Fuld stated that discussions with these financial players are at an advanced stage.
- Subsequently, the organization confirmed that it had no plans to renew any contract negotiations with Nexo. The latter has been in the spotlight recently after the Bulgarian authorities Looting her office as part of an investigation into suspected money laundering and tax evasion.
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