India’s Enforcement Directorate (ED) has frozen the assets of the crypto lender, Vauld amidst the troubles facing the firm.
As reported by ‘Watcher News’, Vauld’s frozen account was worth about $46.5 million.
Vauld had earlier filed for bankruptcy protection from Singaporean creditors.
It succeeded in obtaining a three-month moratorium extension from the Singapore High Court.
This gives Vauld immunity against its 147,000 creditors who may want to take legal action against it.
A few days before, the firm suspended withdrawals on its platform, citing a market downturn that led to significant withdrawals.
The firm is yet to comment on this development but local media reports that the company said it was currently processing the information.
Vauld is the second firm that has attracted sanction by the ED this month.
The regulator, under the Prevention of Money Laundering Act (PMLA), froze the bank accounts of the Crypto exchange, ‘WazirX’.