Okto, an India-based decentralized finance (DeFi) wallet app, has committed $5 million to a treasury fund to support the users of bankrupt crypto exchange Vauld.
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Quick Facts
- Okto said in a press release Friday that it is offering a 2% bonus incentive for users who transfer their assets from Vauld to Okto.
- Singapore-based Vauld froze customer withdrawals in July 2022, before beginning to explore restructuring plans, including offers from two crypto fund managers to acquire the tokens tied up on its platform.
- A July lawsuit found that Vauld owed creditors $402 million, with 90% of the debt owed to individual investors.
- Okto’s DeFi wallet app was launched earlier in May by Indian crypto exchange CoinDCX, backed by investors such as Coinbase Ventures, Pantera and Steadview.
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