ED freeze on Rs 370 cr bank assets ‘unfortunate’: Crypto firm Vauld

New Delhi: A day after the Enforcement Directorate (ED) froze crypto lending platform Vauld’s bank assets worth Rs 370 crore over its “predatory lending practices”, the company on Saturday termed the action “unfortunate”.
The ED had conducted searches at various premises of Yellow Tune Technologies Pvt Ltd in Bengaluru, and froze assets belonging to Flipvolt crypto exchange which runs the Darshan Bathija-led Vauld.
Vauld, which last month suspended all withdrawals, trading and deposits on its platform owing to “financial challenges”, said that despite extending its cooperation, “the Enforcement Directorate has proceeded to pass a freezing order, pursuant to which crypto assets in the pool wallets of the company have ordered to been frozen to the extent of approximately Rs 2,040 million”.
“The freezing order of the Enforcement Directorate is specific to that one customer that availed our services for a brief period of time, whose account we subsequently deactivated. We respectfully disagree with the freezing order,” said Vauld.
The company said that like several other players offering crypto services in India, it had received summons from the ED office in Hyderabad in July, “seeking certain information/documents”.
Also Read ED takes action against firms dealing in cryptocurrency “In due compliance with the summons, we fully cooperated with the Enforcement Directorate and provided all the required information/documents,” said the crypto company.