Sources tell The Block that Jatin Mazalcar left Vauld last week after the crypto lender stopped withdrawing funds. One source claims that Vauld will send a letter to creditors today.
Two sources close to the matter confirmed that Jatin Mazalcar, Vauld’s CFO, has left the crypto lender based in Singapore after it had to stop client withdrawals last Wednesday.
According to sources, Mazalcar has remained in the role of CFO after Vauld suspended withdrawals July 4. However, he is still consulting the company as a consultant. According to his LinkedIn profile, Mazalcar joined Vauld in May but left in June.
Both Mazalcar, Vauld declined to comment on The Block.
Vauld, formerly Bank of Hodlers, was founded in 2018 and backed high-profile investors like Peter Thiel’s Valar Ventures or Coinbase Ventures. In June, Vauld (formerly Bank of Hodlers), had to reduce 30% of its workforce to save costs during the crypto market turmoil. Then, it abruptly stopped accepting customer accounts.
Vauld has its headquarters in Singapore, but most of its staff is in India. Its Indian cofounders, Sanju Sony Kurian and Darshan Bathija, were included in the Forbes Asia 30-under-30 list this past year.
Vauld’s operations are mainly in India and Singapore. Vauld recently hired Indian and Singaporean legal and financial advisers to help with potential restructuring and financing options.
The day after Vauld stopped withdrawals, Nexo, a London-based competitor signed a terms sheet with the company for a possible acquisition. Nexo is currently going through due diligence and Vauld customers funds are still stuck. Nexo and Vauld have not yet provided any information on the status client funds.
Bathija stated earlier today to users on Vauld’s Telegram channel, that the company was working towards a solution and would announce today information about liabilities and financing plans. One source told The Block that the company plans to send a letter today to its creditors.
