Darshan Bathija – Chief Executive Officer of the cryptocurrency lending platform Vauld – revealed that the entity will implement several amendments, including appointing a new CEO.

The bear market has significantly affected the Singapore-based company, which laid off a substantial chunk of its workforce in 2022 and suspended withdrawals and deposits. The problems did not end there, and Vauld filed for protection against creditors in July last year.

What’s New Around Vauld?

Bathija – co-founder and current CEO of Vauld – took it to X (formerly known as Twitter) to disclose that another person will replace him at the helm of the crypto lender. A new creditor representative and a scheme manager will also join the distressed organization. In addition, the exec said the Singaporean magistrates approved Vauld’s scheme of arrangement.

Vauld (Defi Payments Pte Ltd) got its scheme of arrangement passed in Singapore courts.

As part of the scheme, the current board will be replaced with a new CEO, a creditor representative, and a scheme manager.

Customers are currently re-submitting their KYC information. More…

— Darshan Bathija (@darshanbathija) August 24, 2023

The Coinbase-backed firm hinted about severe disruptions in its operations last June when it dismissed 30% of its employees. It halted withdrawals and transa