Mashable: The company announced the move in a corporate statement.

On Monday, crypto lending and trading platform Vauld, based in Singapore, announced it will cease withdrawals and trading in search of new investors, the latest symptom of stress in the struggling cryptocurrency business.

As per a report, It is because of the "volatile market conditions," "the financial difficulties of our key business partners inevitably affecting us, and the current market climate that has resulted in a significant amount customers withdrawing over $197.7 million since June 12," Vauld CEO Darshan Bathija wrote in a statement.

Recent collapses in the crypto business include the failure of the so-called stablecoin TerraUSD, the suspension of withdrawals by significant U.S. lenders Celsius network, and the liquidation of Singapore-based crypto hedge fund Three Arrows Capital.

Last week, crypto exchange FTX said that it has struck an agreement to acquire controversial crypto lender BlockFi for up to $240 million, with the option to do so in the future.

Since the beginning of May, the value of the world's most popular cryptocurrency, Bitcoin, has fallen by more than half, to slightly under $20,000.

There are talks going on with potential investors, as well as an application to the Singapore courts for a moratorium to stop any proceedings against Vauld while the company undergoes a reorganization.

According to a report, customers of Vauld can earn the "industry's greatest interest rates on key cryptocurrencies," according to the company. Staking many so-called stablecoins, such as USDC and BUSD, yields an annual return of 12.68 percent, according to the company's website, while staked Bitcoin and Ethereum tokens yield 6.7 percent. Customers were able to borrow against their tokens on the platform, which also offered a variety of additional trading options.