• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / Fintech / Vauld’s Legal Woes Mount After ED Freezes Assets Worth $46M
Vauld's Legal Woes Mount After ED Freezes Assets Worth $46M

Vauld’s Legal Woes Mount After ED Freezes Assets Worth $46M

August 12, 2022 by Lipika Deka

Crypto exchange Vauld has become the latest target as India‘s Enforcement Directorate or ED froze assets worth Rs 370 crore [$46 million] on 11 August. The move comes at a time when the Singapore-based startup filed for bankruptcy after citing “financial difficulties”, a month ago.

In a statement to TronWeekly, Vauld said,

“We are still expecting more clarity on the same. We’ll keep you updated as soon as we have additional details.”

Meanwhile, India’s top enforcement agency has launched a nationwide investigation, cracking whips on a number of homegrown Non-Banking Financial Company [NBFC] firms and their fintech associates alleging “predatory lending practices” in violation of the RBI guidelines.

This development comes after ED froze nearly $8 million worth of bank assets belonging to cryptocurrency exchange WazirX’s director Sameer Mhatre in connection with a money laundering investigation.

ED also conducted raids on one of the directors of Zanmai Labs Pvt Ltd, which owns the cryptocurrency platform.

On August 9, Zanmai Lab released a statement, “WazirX is a platform co-operated by Zanmai Labs Pvt. Ltd. (Zanmai Labs) and Binance. Zanmai Labs has a no-tolerance policy towards any illegal activities using WazirX.”

Vauld And How Many To Go…?

In response, Binance chose to dissociate itself from the Indian exchange. CEO Changpeng Zhao denied owing a stake in WazirX’s parent entity Zanmai Labs.

“Binance does NOT have control over operations including “user sign-up, KYC, trading and initiating withdrawals”, as stated earlier. WazirX’s founding team controls that. This was never transferred, despite our requests. The deal was never closed. No share xfers,” Zhao stated on Twitter.

It also disabled “off-chain fund transfers” between the two platforms from August 8. Off-chain transfers are among the key issues cited by the probing agency in the money-laundering case, sources familiar with the matter disclosed.

The uncertainty over the ownership and probe by ED has triggered panic among investors who are left with no choice but to seek out other platforms.

As a result, WazirX’s trading volume witnessed a sharp 50% decline on its platform, while its native token WRX plummeted from ₹23 per coin earlier this month to ₹17 on 10 Aug.

That said, after ED froze a bankrupt Vauld’s assets, one wonders who would be the next in line of fire.

Filed Under: Fintech, News Tagged With: Enforcement Directorate, Indian cryptocurrency market, Vauld, WazirX

Primary Sidebar

Recent Posts

  • Hedera (HBAR) Breaks Above $0.169 as Bulls Eye $0.1779 Resistance July 10, 2025
  • Ethereum Whale Sells 33,585 Staked ETH Institutions Accumulate ETH July 10, 2025
  • Bitcoin Price Resistance $110K Faces Retest Amid Bullish Momentum July 9, 2025
  • Ripple Strikes Landmark $500M Custody Agreement with BNY Mellon for RLUSD July 9, 2025
  • Ethereum (ETH) Gears Up for $2,875 Test; Will Bulls Break Through? July 9, 2025

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2025 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.