Sun. Sep 25th, 2022


India’s Enforcement Directorate (ED), the country’s economic crime unit, on Thursday froze 3.70 billion rupees (US$46.5 million) in assets at the struggling cryptocurrency exchange Vauld, local media reported citing unnamed sources.

See related article: India crypto traders try to dodge fallout from WazirX woes, spat with Binance

Fast facts

  • The move comes days after the ED froze assets worth US$8 million at crypto exchange WazirX on alleged money laundering charges.  
  • Neither Vauld nor the ED’s office replied to Forkast’s emails requesting comment.
  • The Enforcement Directorate is reportedly investigating more than 10 cryptocurrency exchanges in India for allegedly laundering over 10 billion rupees (US$125 million). 
  • Last month, Vauld suspended all withdrawals, trading and deposits on its platform for “potential restructuring options.”
  • Defi Payments, the parent company of Vauld, received court approval in Singapore for protection from creditors for three months while it explores restructuring options, including a possible acquisition .
  • Vauld reportedly has debts of US$402 million, with 90% owed to individual investors.  

See related article: India’s Directorate of Enforcement said to question crypto exchanges



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