Indian authorities capture Wold – BeinCrypto

In connection with a money laundering case, Indian authorities recently blocked some of Wold’s funds. A decision that would not be justified according to the platform crypto loan.

Wold greatly regrets this decision and claims to have cooperated with the Indian authorities by providing them with the necessary documents and information.

A Singapore-based crypto firm is on a list of ten exchanges suspected of ties to Chinese companies and facilitating the laundering of 1,000 crore (in India, one crore is equal to ten million rupees). These companies, including Indian crypto exchange WazirX, are believed to have helped several fintech companies buy a total of 100 crores and transfer them to foreign wallets.

The country’s Department of Law Enforcement (ED) accuses the ten detained companies of failing to carry out necessary identity checks and fail to maintain a history of suspicious transactions. The lack of regulation has made it easier for money-laundering companies to move their assets overseas, a source close to the case said. In most cases, transactions were made by people living in remote areas.

August 8 Be[In]Crypto has reported a tense standoff between WazirX CEO Nischal Chetty and Binance CEO Changpeng Zhao over ownership of the exchange.

As a reminder, ED recently froze WazirX’s bank accounts, which hold 65.67 crores. Currently, all of its radars are focused on the Vault lending platform.

Wold is outraged by ED

According to Would, ED has ordered a freeze of INR 2,040 million belonging to pool wallets due to one client whose account was deactivated. Vauld’s Indian subsidiary, Flipvolt Technologies, was allegedly used by 23 companies to transfer funds to the wallets of Yellow Tune Technologies, a Chinese company whose founders are untraceable.

Wold claims to have followed know-your-customer (KYC) processes and says he “respectfully disagrees” with the ED’s decision. The company emphasizes that it regularly seeks legal advice to protect the assets of its clients and other stakeholders. Finally, Vold undertakes to fully cooperate with the ED.

Challenging times for the lending platform

On July 4, Vauld, backed by Peter Thiel’s Valar Ventures and US exchange Coinbase, suspended withdrawals, deposits and trading, citing uncertain market conditions after its users withdrew $200 million.

The company also laid off 30% of its workforce before starting the restructuring process. A day later, Nexo, a rival lending platform, offered to buy the business, signing a contract that gives 60 days to complete the purchase.

On July 8, 2022, the company requested a moratorium in Singapore to focus on its restructuring efforts. Like the safeguards granted to French companies, this moratorium should allow Vauld to continue its operations without risking bankruptcy.

Denial of responsibility

All information on our website is published in good faith and for general informational purposes only. Any action taken by the reader based on information found on our website is done solely at his own risk.

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker.