Vauld suspends withdrawal and deposit: Indian investors blame influencers
With Vauld suspending withdrawals, many Indians are blaming YouTubers who promoted Vauld and influenced them to invest in the crypto platform.
The CEO of Vauld has announced that the crypto exchange is suspending all trading, deposits, and withdrawals due to financial difficulties. Bhatija outlined several steps the exchange has taken to get back on track and lessen the impact on its key stakeholders. This includes hiring financial and legal counsel.
The suspension of Vauld's withdrawal and deposit services has sparked panic in the cryptocurrency community. However, many people in India have blamed popular YouTubers for promoting Vauld and convincing them to invest in the platform. "I only invested my money after watching YouTube videos." YouTube creator Akshat Srivastava has had a significant influence. "He had a lot of followers and sounded genuine, so I decided to invest in Vauld," Saad Khan, 45, a Vauld user from Bhopal, told a media reporter.
Vauld's suspension: Indian investors blame influencers
Khan claims to have invested nearly 60% of his life savings. He is frustrated at all of the YouTubers who blindly promoted the cryptocurrency company. Srivastava is a cryptocurrency expert on YouTube who frequently explains blockchain concepts such as tokens and stablecoins. He has made several videos for Vauld and even for Vauld's own YouTube page, with 1.1 million subscribers.
Interestingly, Vauld was promoted by several YouTubers who promised high returns on investment. Among them are Srivastava, Ankur Warikoo, and Booming Bulls (1.07 million subscribers). "The agenda of the videos was pretty straightforward: invest your money and get 12% returns on fixed deposits," said Sidhant Dutta, 30, another Guwahati-based Vauld user.
Warikoo's YouTube video from October 2021, in which he discusses how he uses Vauld for bitcoin-based fixed deposits, was a big draw for many users.
"This video was the starting point; after that, I watched all of his videos on Vauld and finally decided to invest," said Samar G, 28, a Warikoo fan.
Khan, Dutta, and others, on the other hand, agreed that the YouTubers had repeatedly advised on investing in what you can afford to lose.
However, YouTubers, like users, are in a state of uncertainty after the crypto company ceased operations. In a YouTube live on Wednesday, Srivastava stated that Vauld is already working on a plan to release investors' funds.
Warikoo stated in his post that he has capital with them. "This is extremely unfortunate and not something I would have desired when working with Vauld." As we all (including myself) wait to see what happens next, I hope you all invested wisely in crypto to no more than 5 to 10% of your total portfolio, as I have always recommended," Warikoo said in a YouTube video.
Booming Bulls also stated that his funds are still in the company's possession. "Before promoting any product, we conduct extensive research." This was unfortunate to happen. It is impossible to predict what will happen in the crypto world; it is volatile, and thus we must always disclose.
Meanwhile, Vauld blamed the decision on the volatile market conditions.
"This is due to a combination of circumstances such as volatile market conditions, financial difficulties of our key business partners inevitably affecting us, and the current market climate," said CEO Darshan Bathija in a statement posted to the company's website.
Bathija also stated that there may be a solution, as Nexo, a lender in the digital finance space, is interested in acquiring the company.
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