Amber Group has yet to publicly address the latest reports around its financial health, outstanding liabilities, and its retail business, despite saying certain claims against the company have been inaccurate.
Amber Group said in a Dec. 6 tweet that the company and UK-based crypto subsidiary WhaleFin, which operates a consumer-facing app, “are business as usual.” But a source familiar with the matter told Blockworks that the company’s Whalefin business has essentially been “shut down.”
The source, who spoke on the condition of anonymity, added that Amber Group has recently shifted focus to its institutional business.
Last week The Block reported that Amber Group owes about $130 million to Darshan Bathija, the CEO of crypto lender Vauld, citing “a source with direct knowledge of the matter” and a legal document.
The crypto platform appeared to deny the report.
“Regarding certain false allegations against Amber today, our legal counsel will issue an official statement shortly and take potential legal actions,” the company tweeted on Friday.
But the firm had not yet shared any follow-up to the claim, as of Monday mid-day.
An Amber Group spokesperson declined to comment.
Vauld suspended withdrawals, trading and deposits on its network in July, just weeks after it laid off 30% of its staff.
Bathija and the company did not immediately return requests for comment.
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