Datavault AI's planned financial restatement is expected to reduce its June 30 assets by $49.0 million, representing the value of 837 BTC that Scilex agreed to purchase from the company for $50 million in June. The write-down highlights growing concerns over the transaction's validity and asset recognition.
Compounding the issue, a withdrawal request Datavault submitted to exchange platform Biconomy in June has still not been processed, according to the company. The unresolved withdrawal raises questions about fund accessibility and counterparty risk tied to the broader Bitcoin deal.
Datavault AI Restatement Wipes $49M in Bitcoin Assets as Biconomy Withdrawal Remains Stuck
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