Peter Thiel-Backed Crypto Lender Vauld Suspends Withdrawals

A cryp­tocur­ren­cy lender backed by Peter Thiel and Coin­base Glob­al Inc. sus­pend­ed with­drawals, trad­ing and deposits on its plat­form, cit­ing volatile mar­ket con­di­tions and finan­cial dif­fi­cul­ties fac­ing key busi­ness partners.

The plat­form, Vauld, said Mon­day that it froze the oper­a­tions after users pulled almost $200 mil­lion over the last three weeks. A sharp decline in cryp­tocur­ren­cy prices that began with the col­lapse of two cryp­tocur­ren­cies in May has spooked traders and caused knock-on effects in the dig­i­tal asset world.