On the 26th of December, in response to reports indicating that talks over the potential acquisition of troubled crypto lender Vauld have been terminated, Nexo responded that these are false. According to a report from Decrypt, a spokesperson from Nexo, a cryptocurrency lender, told that any decision about Vauld’s future is in the hands of the firm’s creditor committee, not its ex-CEO.
According to a report from The Block, the rumors that the negotiations over the acquisition of Vauld, a Singapore-based company, had collapsed were spurred by an email sent by Darshan Bathija, the founder & CEO of Vauld, to the firm’s creditors. In the email, Darshan wrote that discussions with Nexo have unfortunately not come to fruition. These remarks from Vauld’s founder indicated that the deal has been terminated.
At the beginning of June this year, after halting withdrawals from its platform, Vauld filed for protection against creditors and lawsuits in a Singapore court. According to the filings, Vauld reportedly owed a total of $402 million to its creditors, including the collapsed and bankrupt FTX, which was once the biggest crypto exchange in the world and now is nothing.
After Vauld’s troubles came to light, Nexo announced plans to acquire it, which still is not over, according to the acquiring company. At that time, both Nexo and Vauld signed an exclusivity period, which is not over. According to the spokesperson from Nexo, for the deal to be called off, the terms of the exclusive talks require mutual agreement. Kalin Metodiev, the managing partner of Nexo told that his firm has not given up on its attempt to save Vauld and help its creditors recover the maximum possible platform funds, which shows that Nexo has been still in talks over the potential acquisition of its rival Vauld.