Singapore High Court Grants Crypto Lender Vauld Temporary Protection From Creditors

The Singapore High Court has granted crypto lender Vald's parent company, Defy Payments Ltd, a three-month protection from creditors, Bloomberg reported, which will allow Vald to restructure and prepare for a possible acquisition by competitor Nexo, a major player. In the crypto lending market.

During a court hearing on Monday, Justice Edit Abdullah granted the stay until November 7. During the said period, Vauld's 147,000 creditors will be barred from taking legal action against it. It sought another three months but the judge expressed concern that six months of protection would not ensure adequate supervision and monitoring.