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Bold’s legal troubles pile up after ED freezes $46 million worth of assets

Crypto Exchange Vauld Becomes Newest Target IndiaEnforcement Department or ED has frozen assets worth Rs 370 crore [$46 million] August 11th. The move comes as the Singapore-based startup filed for bankruptcy a month before him, citing “financial difficulties.”

In a statement to TronWeekly, Vauld said:

“We still hope to have more clarity on the same. We will update you as soon as we have additional details.”

Meanwhile, India’s top enforcement agency has launched a nationwide investigation, whipping up a number of domestic non-banking financial firms. [NBFC] Firms and their fintech actors claiming “predatory lending practices” in violation of RBI guidelines.

The development comes after the ED froze around $8 million worth of bank assets belonging to Sameer Mhatre, director of cryptocurrency exchange WazirX, in connection with a money laundering investigation.

The ED also raided one of the directors of Zanmai Labs Pvt Ltd, which owns the cryptocurrency platform.

On August 9th, Zanmai Lab issued the following statement: Ltd. (Zanmai Labs) and Binance. Zanmai Labs has a zero tolerance policy for any illegal activity using WazirX. “

Bold and how many others…?

Accordingly, Binance Indian people Exchange money. CEO Changpeng Zhao has denied that he has a stake in WazirX’s parent company, Zanmai Labs.

“Binance does not control operations involving ‘user sign-up, KYC, trading, and initiation of withdrawals’ as previously stated. WazirX’s founding team manages it. Despite our request, this was not transferred. The deal never went through. No transfer of shares,” Zhao said on his Twitter.

We have also disabled “off-chain fund transfer” between the two platforms from August 8th.

Uncertainty over ownership and investigations by ED has caused panic among investors who have no choice but to seek other platforms.

As a result, WazirX’s trading volume plummeted by 50% on the platform, while its native token, WRX, plummeted from Rs 23 per coin earlier this month to Rs 17 per coin on August 10th.

That said, one wonders who the next attack will be after the ED freezes the assets of bankrupt Vault.

https://www.tronweekly.com/vauld-ed-freezes-assets-46m/ Bold’s legal troubles pile up after ED freezes $46 million worth of assets

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