Okto pledges US$5 mln to support Vauld users

Okto, an India-based decentralized finance (DeFi) wallet app, has pledged US$5 million to a treasury fund to support the users of the bankrupt Vauld crypto exchange.

See related article: Sam Bankman-Fried found guilty on all charges

Fast facts

• Okto said in a press release on Friday that it is offering a 2% bonus incentive for users who transfer their assets from Vauld to Okto. 

• Singapore-based Vauld froze customer withdrawals in July 2022, before starting to explore restructuring plans, including offers from two crypto fund managers to take over the tokens stuck on its platform.

• A July court filing showed that Vauld owed creditors US$402 million, with 90% of the debt owed to individual investors.

• Okto’s DeFi wallet app was launched earlier in May by Indian crypto exchange CoinDCX, backed by investors such as Coinbase Ventures, Pantera, and Steadview. 

See related article: XRP approved by Dubai’s Financial Services Authority