India’s Enforcement Directorate froze $46.5 million of assets belonging to FlipVolt, the Indian branch of the Vauld cryptocurrency exchange. Vauld had previously filed for protection from creditors — a process in Singapore that is similar to Chapter 11 bankruptcy in the U.S. — on July 8, only four days after suspending withdrawals. Vauld subsequently announced a shortfall of around $70 million due to the Terra collapse and other factors, and reportedly owes creditors $363 million.According to India’s ED, 23 entities deposited Rs 370 crore (~$46.5 million) into FlipVolt, which the ED says were the proceeds of criminal activity. FlipVolt had “very lax KYC norms, no EDD [enhanced due diligence] mechanism, no check on the source of funds of the depositors, no mechanism of raising STRs [suspicious transaction reports], etc” and reportedly enabled the entities to launder the proceeds of crimes via the exchange.