Okto, an India-based decentralized finance (DeFi) wallet app, has pledged $5 million to a Treasury fund to support users of the bankrupt crypto exchange Vauld.
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- Okto said in a press release on Friday that it is offering a 2% bonus to users who transfer their assets from Vauld to Okto.
- Singapore-based Vauld froze client withdrawals in July 2022, before beginning to explore restructuring plans, including offers from two crypto fund managers to take over tokens blocked on its platform.
- A July court filing showed Vauld owed creditors $402 million, with 90% of the debt due to individual investors.
- Okto’s DeFi wallet app was launched earlier in May by Indian crypto exchange CoinDCX, backed by investors including Coinbase Ventures, Pantera and Steadview.
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