Vauld, a cryptocurrency lender, halted all withdrawals, trading, and deposits on its platform on Monday and stated it is looking into potential restructuring options.

In a blog post published on Monday, Vauld CEO Darshan Bathija stated that the company is facing “financial challenges” due to “volatile market conditions, the financial difficulties of our key business partners inevitably affecting us, and the current market climate,” which has resulted in customers withdrawing more than $197.7 million from the platform since June 12.

The Singapore-based firm stated that it is working with its financial and legal consultants to “explore and analyse all conceivable options, including prospective restructuring options, that would best safeguard Vauld’s stakeholders’ interests.”

Vauld’s withdrawal suspension comes less than three weeks after CEO Bathija stated that the company “continues to function as usual notwithstanding uncertain market conditions.” Bathija stated in a blog post on June 16 that withdrawals were “processed as usual and will continue to be the case in the future.”

However, Vauld has been the latest casualty of this year’s cryptocurrency price drop. In the second quarter, Bitcoin had its lowest quarterly performance since 2011. During the three-month timeframe, the bitcoin market lost billions of dollars in value.

A number of bitcoin initiatives and business strategies have been exposed as flawed as a result of the market fall. TerraUSD, an algorithmic stablecoin, fell in May, bringing down its sister token luna. Meanwhile, Three Arrows Capital, a large cryptocurrency hedge fund, went bankrupt after failing to repay a $660 million debt from Voyager Digital.

Vauld, a cryptocurrency lending firm, has experienced liquidity concerns. Celsius halted customer withdrawals last month, claiming “severe market conditions.”

Vauld stated that the company is “in conversation with possible investors.”

The firm announced the appointment of Kroll Pte Limited as its financial advisor, as well as Cyril Amarchand Mangaldas and Rajah & Tann Singapore LLP as its legal counsel in India and Singapore, respectively.

(Adapted from EconomicTimes.com)