A cryptocurrency lender backed by Peter Thiel’s Valar Ventures and Coinbase Global filed for protection against creditors in Singapore after pausing withdrawals.

Vauld filed an application on 8 July to seek a moratorium order in favour of the company, a spokesperson for the company confirmed. The move gives Vauld and its management the “breathing space it requires to prepare for the intended restructuring for the benefit of all stakeholders”, the company said in a blog post on 11 July.