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Old 4th July 2022, 13:01   #721
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Re: The Cryptocurrency & NFT Thread

Indian Cryptocurrency exchange VAULD.com has suspended all withdrawals, deposits and trading. Mail I got just now:

Quote:
1. The Vauld management wishes to inform that we are facing financial challenges despite our best efforts. This is due to a combination of circumstances such as the volatile market conditions, the financial difficulties of our key business partners inevitably affecting us, and the current market climate which has led to a significant amount of customer withdrawals in excess of a $197.7 m since 12 June 2022 when the decline of the cryptocurrency market was triggered by the collapse of Terraform Lab’s UST stablecoin, Celsius network pausing withdrawals, and Three Arrows Capital defaulting on their loans.

2. As such, we have considered that it would be in the best interests of stakeholders to take immediate action in the circumstances. In furtherance of this, we have engaged the services of Kroll Pte Limited as our financial advisor, as well as Cyril Amarchand Mangaldas and Rajah & Tann Singapore LLP as our legal advisors in India and Singapore respectively.

3. Our management remains fully committed to working with our financial and legal advisors to the best of our abilities to explore and analyse all possible options, including potential restructuring options, that would best protect the interests of Vauld’s stakeholders.

4. We are currently in discussions with potential investors into the Vauld group of companies. We intend to apply to the Singapore courts for a moratorium i.e. a suspension of the commencement or continuation of any proceedings against the relevant companies so as to give us breathing space to carry out the proposed restructuring exercise.

5. We are confident that, with the advice of our financial and legal advisors, we will be able to reach a solution that will best protect the interests of Vauld’s customers and stakeholders.

6. In the meantime, we have made the difficult decision to suspend all withdrawals, trading and deposits on the Vauld platform with immediate effect. We believe that this will help to facilitate our exploration of the suitability of potential restructuring options, together with our financial and legal advisors. We seek the understanding of customers of the Vauld platform that we will not be in a position to process any new or further requests or instructions in this regard. Specific arrangements will be made for customer deposits as may be necessary for certain customers to meet margin calls in connection with collateralised loans.

7. Further updates on material developments will be provided at the appropriate juncture. We seek your understanding and patience in the meantime. Should you have any queries, please submit them at enquiries@vauld.com. We will endeavour to address them as soon as practicable.
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Old 4th July 2022, 16:26   #722
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Re: The Cryptocurrency & NFT Thread

Most exchanges have moved to Singapore or Dubai. I can see more exchanges shutting down in the coming months unfortunately. The 30% with additions 1% TDS laws are an additional doomsday sermon.

I had recently transferred my funds from Vauld to CoinDCX as I could feel something wasn’t right. Turns out my hunch was right. I got so scared that I transferred my Inr from CoinDCX just now. Still have some Cryptos in Vauld and I wonder where should I transfer them to? Will transferring them to my Coinbase wallet attract tax?

Last edited by cediaowner : 4th July 2022 at 16:27. Reason: Added Taxation Percentage
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Old 4th July 2022, 17:07   #723
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Re: The Cryptocurrency & NFT Thread

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Originally Posted by cediaowner View Post
The 30% with additions 1% TDS laws are an additional doomsday sermon.
I doubt if the tax laws in India really have an impact on the crypto market as such. Most of the recent collapses are mainly because of flawed business models (Celsius, 3AC, Terra, etc)

Quote:
Originally Posted by cediaowner View Post
Still have some Cryptos in Vauld and I wonder where should I transfer them to? Will transferring them to my Coinbase wallet attract tax?
Attract tax or otherwise, suggest you transfer all your holdings out of Vauld, provided they are still allowing to do it.
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Old 4th July 2022, 18:07   #724
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Re: The Cryptocurrency & NFT Thread

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Originally Posted by Bhargav7 View Post


Attract tax or otherwise, suggest you transfer all your holdings out of Vauld, provided they are still allowing to do it.
Too late unfortunately. They have stopped transfers as well. Wondering if all is lost now?? No matter what they say, they are done and dusted.

Here is the screenshot when I attempted to make a transfer :
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Old 4th July 2022, 18:47   #725
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Re: The Cryptocurrency & NFT Thread

I had also invested some amount in Vauld. It was a small amount which is almost at -80% loss now. Never thought of withdrawing it at a loss. But come to think of it, should’ve just withdrawn it and bought an iPhone. Guess its too late now, lets see if they allow withdrawals anytime in the future. Or else if its gone, its gone.

Last edited by speedfreak01 : 4th July 2022 at 18:48.
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Old 5th July 2022, 15:06   #726
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Re: The Cryptocurrency & NFT Thread

I had tried to start investing a little in crypto after hearing all the noise, and had opened an account at Vauld. Fortunately(realizing now), their platform was not allowing to load INR using UPI etc and only few selected non-popular banks' internet banking was allowed to load money. I was so frustrated looking at the inconvenience and within a day, closed the account on Vauld. That was the start and end of my unregulated investment journey.

You never know from where you get help, thanks to Vauld

Last edited by amods : 5th July 2022 at 15:08.
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Old 5th July 2022, 20:35   #727
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Re: The Cryptocurrency & NFT Thread

Came across some posts on LinkedIn, apparently some notable finance influencers in India too got stuck due to VAULD thingy, and they had been preaching/promoting. Some even lost up to North of an XUV700 A7L AWD AT (since cars should be a currency on TBHP-verse).


Don't really know the authenticity of those posts or the figures involved, but in my limited knowledge and understanding I have some strong views on NFTs and cryptos as asset class, and that's definitely leaning towards scam. Influencers should refrain from promoting those.

In my opinion NFTs are working on a greater fool theory, plus hype is artificially been made to encash as much as possible in present, selling courses, digital merchandise, etc what not.
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Old 5th July 2022, 21:40   #728
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Re: The Cryptocurrency & NFT Thread

Came across this video, one of the leading finance influencer coming out live and talking on possibilities. He reveals he has around a Fortuner Legender stuck, tension looks visible on his face.




Any experts from the forum can share opinion on what can possibly happen in future now?


Mods: Please merge with the previous post if needed, edit validity expired hence added new post
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Old 5th July 2022, 21:53   #729
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Re: The Cryptocurrency & NFT Thread

Quote:
Originally Posted by PrasunBannerjee View Post
Came across this video, one of the leading finance influencer coming out live and talking on possibilities. He reveals he has around a Fortuner Legender stuck, tension looks visible on his face. Any experts from the forum can share opinion on what can possibly happen in future now?
Looks like this guy's Fortuner Legender might be tranformed into a Toyota Glanza.

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Old 6th July 2022, 08:53   #730
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Re: The Cryptocurrency & NFT Thread

Hey.

https://indianexpress.com/article/te...vauld-8010618/

It looks like Nexo plans to acquire Vauld. So the suspension might be lifted soon. The terms are not clear yet though.

However, for future crypto investments, suggest you transfer excess liquidity in any trading platform/exchange wallet to a Solana crypto wallet (suggest solana as no gas fees) and convert and hold it as USDC there. Atleast the liquidity will be safe.
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Old 6th July 2022, 09:52   #731
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Re: The Cryptocurrency & NFT Thread

It's bad manners I know, but I can't help laugh at the so called 'crypto gurus' now.

Big big words, bigger egos, talking to non investors as if they were dumb or stupid, acting as if every investor is soon to be a crypto millionaire and what not.

Crypto is nothing more than a mlm kind of scam, keep taking money, inflate coin values, some smart cookies make money and a majority are left with empty promises and heartburn.
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Old 6th July 2022, 10:12   #732
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Re: The Cryptocurrency & NFT Thread

This is more likely whats happening now...
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Old 6th July 2022, 10:27   #733
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Re: The Cryptocurrency & NFT Thread

Rule #1 of Crypto. Never hold your coins in the exchange for any longer than absolutely required. Move it to a wallet that you control, even if it means that you lose some amount as transfer charges. That is the price we pay for our safety. This approach is similar to someone paying extra for a nicer helmet / a safer car.

Enough exchanges have gone down for this rule to be gospel truth. My own Koinex account went down with coins in it worth a nominal amount(that I was holding for a friend against my will). This is in spite of Koinex giving ample notice to its users. Why take the risk with your money? There are a million ways to convert your crypto to fiat when you do need it if you retain control over it. Never let your coins go down with the exchange you bought them on when the alternative exists.
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Old 6th July 2022, 11:36   #734
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Re: The Cryptocurrency & NFT Thread

As a newbie investor in the world of equities and cryptos, this is has been an awful year. Both my stock portfolio and my cryptos are in the red. Fortunately I didn’t go overboard with my crypto acquisition and ended up investing just 15k into Ethereum thinking I’ll check back after 20 years. Tempted to withdraw whatever little I have left. Holding onto my stocks for the time being.
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Old 6th July 2022, 12:42   #735
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Re: The Cryptocurrency & NFT Thread

Quote:
Originally Posted by PrasunBannerjee View Post
Came across this video, one of the leading finance influencer coming out live and talking on possibilities. He reveals he has around a Fortuner Legender stuck, tension looks visible on his face.
Quote:
Originally Posted by apachelongbow View Post
It's bad manners I know, but I can't help laugh at the so called 'crypto gurus' now.
India's most influential comedian has been putting his weight (no pun intended!) behind cryptos and De-Fi for a while now. The influencer that Prasun referenced put out a video titled 'The best Fixed Deposit option with 0 taxes!' with a subtle Vauld plug a few months back. Young adults are hugely influenced by unqualified influenzas while ignoring the repeated exhortations of the RBI governor calling cryptos 'speculative' and a 'clear danger'. It's almost as if old fashioned investing and portfolio de-risking is boomer talk. Well, here's a harsh lesson learned.

What was especially terrible was the 'fixed deposit' angle that was peddled by crypto influencers. Most people inherently understood that cryptos were speculative. However pitching platforms that would stake your cryptos and offer 12% 'fixed' returns was very very insidious. Nobody highlighted that this was risky lending backed by collateral which was highly volatile. Remedial measures would be hard in this setup. Any responsible financial advisor would red-flag a claim that offered you 12% fixed returns when the banks offered you 5%. These guys actually sold that claim. And an army of suckers bought into that.

It's extremely important for colleges to start introducing some kind of financial literacy as mandatory courses. We need young adults to understand the basics before they step into their careers otherwise many of them are meat to these wolves.

Last edited by ranjitnair77 : 6th July 2022 at 12:46.
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