India’s Enforcement Directorate (ED) has reportedly frozen the assets of a crypto exchange, Vauld, which are worth over $46.5 million or Rs 370 crore (3.70 billion rupees)
Vauld joined the league of exchanges that had halted withdrawals and deposits as a result of financial strain. Last month, the crypto exchange suspended crypto asset withdrawals.
According to reports, the embattled crypto exchange, Vauld disclosed,
“We are investigating this matter, we kindly request your patience and support, we will keep you updated as soon as we have more information on this.”
This is not the first time the Enforcement Directorate has frozen the bank assets of crypto exchanges or individuals linked to a crypto exchange. A short while ago, the ED froze the assets of Sameer Mhatre, a director with WazirX, a popular Indian crypto exchange, for allegedly being involved in money laundering activities. Close to Rs 65 crores worth of bank assets linked to the director were frozen.
At the moment, scores of crypto exchanges that operate in India are being investigated by the ED for participating in laundering activities of at least 10 billion rupees (US$125 million).
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