Odaily News: Last year, the bankrupt cryptocurrency lending platform Vauld announced plans to restructure its board of directors by bringing in a new CEO, a creditor representative, and a program manager to oversee the bailout plan.

In 2022, Vauld ceased operations and filed for bankruptcy in Singapore. Now, the company's new restructuring plan has been approved by the court.

Darshan Bathija, CEO and co-founder of Vauld, tweeted, "Vauld's restructuring plan has been approved by the Singapore court. As part of this plan, the current board of directors will be replaced by a new CEO, creditor representative, and program manager." Bathija also mentioned that customers are updating their KYC details.

The court has also established a Creditors' Committee (CoC) to facilitate the repayment of over $2.2 million in debts owed by Vauld. (BeInCrypto)