According to sources cited by local media, the failing cryptocurrency exchange Vauld had assets worth 3.70 billion rupees (US$46.5 million) frozen on Thursday by India’s Enforcement Directorate (ED), the nation’s economic crime division. The action was taken after the ED froze assets worth US$8 million at the cryptocurrency exchange WazirX due to suspicions of money laundering. Many Indian Crypto Exchanges Under Investigation More than ten cryptocurrency exchanges in India are apparently under investigation by the Enforcement Directorate for allegedly laundering more than 10 billion rupees (US$125 million). For “possible restructuring alternatives,” Vauld suspended all deposits, trading, and withdrawals on its platform last month. The parent business of Vauld, Defi Payments, was permitted by a Singaporean court to be protected from creditors for three months while it considers restructuring options, including a potential takeover. According to reports, Vauld owes individual investors $92 million of its alleged $402 million debt. Indian Law Enforcement Agency The Indian law enforcement agency stated it would investigate cryptocurrency exchanges. Indian cryptocurrency exchanges have reportedly been contacted by the federal body in charge of looking into money laundering and potential violations of foreign exchange legislation. As part of an investigation into possible cases of foreign exchange breaches by these organizations, th...
