Crypto Lender Nexo's Potential Acquisition of Rival Vauld Is Called Off

in Singapore earlier the same month and has until Jan. 20 to work on a restructuring plan. In June, firm said it would lay off 30% of its staff.to its creditors, with 90% of that debt originating from individual retail investor deposits. A month after it filed for creditor protection, Indian authorities froze assets worth 3.7 billion rupees .

In explaining the end of the transaction, Vauld said Nexo hadn't responded to due diligence requests for a solvency assessment that would provide its creditors with assurance. It also pointed to Nexo's Dec. 5 announcement it was , possibly leaving Vauld's customers in the country without a way of having their claims handled. A third point was the proposal failed to offer Vauld creditors an early exit option, which it said was vital to a successful restructuring.

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Source: Cointelegraph - 🏆 562. / 51 Read more »