Nexo wrote an open letter to Vauld’s creditors amid differing opinions about the acquisition approach.
Crypto lender Vauld has until January 20 to complete its restructuring plan. Singapore-based crypto lender Vauld announced on December 26 that the July acquisition agreement between Vauld and rival Nexo “has not been completed.”
In response, Nexo said today that negotiations are ongoing and that it still expects to close the deal. However, Vauld has until January 20 to complete his restructuring plan. Since June 12, when the decline in the cryptocurrency market began to rise, Vauld has seen a loss of more than $198 million.
After that, Vauld stopped all withdrawals, transactions and deposits on its platform and filed for creditor protection in July. In addition, he filed for protection from creditors in the same month, which has a period until January 20, 2023.
Following this, Nex is lending a cryptocurrency that provides access to secure the Vauld. Several months after the two were convinced to consider the business.
Now, the company in Singapore has said that “the acquisition of the rival Nexo has been canceled.” Vauld has less than a month to come up with a restructuring plan. However, according to a Coindesk report, Nexo is buying Vauld.
In addition, crypto lender Nexo wrote an open letter to Vauld’s creditors that was released on Monday amid various speculations and acquisition methods.