The decline in the cryptocurrency market prices has prompted Singapore-based crypto company Vauld to suspend all its withdrawals, trading, and deposits. The company is now seeking legal steps amid financial challenges.

Several industry observers and traders are anticipating a crypto winter in the coming months, resulting in crypto firms tightening their finances and streamlining operations.

Vauld’s CEO, Darshan Bathija, in a statement, said that the company’s management is going through financial challenges due to volatile market conditions, which have led to a significant number of its customers’ withdrawals in excess of $197.7 million since June 12, 2022. This decline was triggered by the collapse of Terraform Lab’s UST stablecoin, which led to Celsius network pausing withdrawls and Three Arrows Capital defaulting on their loans.