Nexo claims that it “has not given up” on helping rival cryptocurrency lender Vauld
Join Our Telegram channel to stay up to date on breaking news coverage Reports that negotiations regarding the possible acquisition of ailing rival crypto lender Vauld have been canceled have been refuted by Nexo. According to a source with knowledge of the situation, Vauld’s creditor committee, not its former CEO, will decide on the company’s future in Nexo’s eyes. In an email to the company’s creditors, Vauld founder and CEO Darshan Bathija stated that conversations with Nexo “had sadly not come to fruition,” which generated rumors that negotiations had broken down. In a step that is very similar to Chapter 11 bankruptcy under the U.S. Bankruptcy Code, Vauld filed for protection against creditors and lawsuits in a Singapore court at the beginning of June after ceasing withdrawals from its platform. According to reports, Vauld owed its creditors, including the now-defunct crypto currency exchange FTX, a total of $402 million. After Vauld...