Lender vauld and nexo have been involved in discussions of a potential acquisition. reports suggest that vauld had halted withdrawals from its platform at the beginning of june and subsequently filed for protection against creditors and lawsuits in a singapore court. nexo recently announced plans to acquire vauld after the latter encountered difficulties, and the two parties had signed an exclusivity period.
Talks over the potential acquisition of vauld occurred in june, and the discussions were taking place in singapore. vauld had filed for protection against creditors and lawsuits in a singapore court, while nexo had offered to provide additional measures to accommodate the transition.
Acquisition was proposed by nexo in order to help vauld’s creditors recover the maximum possible platform funds. nexo had offered to acquire vauld’s customer base, all cryptocurrency owned by vauld, and all cryptocurrency attributable to vauld’s clients—as well as all liabilities arising out of the ownership of the acquired assets. they also proposed to provide an injection of capital from nexo’s balance sheet, effectively reducing the asset deficit by 10%, and no lock-up period for asset withdrawals. the decision on the future of vauld is in the hands of the firm’s creditor committee, not its former ceo. mutual agreement between the two parties is needed for the deal to be called off, which is not the case.
https://decrypt.co/117968/nexo-says-it-has-not-given-up-on-bailout-for-rival-crypto-lender-vauld
