Nexo Writes Open Letter to Vauld Creditors Amid Restructuring Uncertainty

• Crypto lender Nexo sent an open letter to creditors of Singapore-based rival Vauld, which it’s seeking to buy, after Vauld said it had suspended all withdrawals, trading and deposits on its platform and filed for creditor protection.
• Nexo said it had presented a revised proposal on December 2 and that the team negotiating the transaction had faced daily challenges.
• Kroll, Vauld’s financial adviser, didn’t immediately respond to a request for comment.

Crypto lender Nexo has sent an open letter to creditors of Singapore-based rival Vauld, which it is looking to purchase. The letter comes after Vauld announced it had suspended all withdrawals, trading and deposits on its platform, filed for creditor protection and was looking at restructuring options.

Nexo said in the letter that it had presented a revised proposal on December 2, but that the team negotiating the transaction faced daily challenges, such as receiving slow and incomplete financial and legal due diligence information. The letter also claimed that terms of the deal presented to Vauld creditors were misleading.

Furthermore, the letter aimed to create transparency to Vauld’s creditors, where it has been insufficient, regarding the merits of Nexo’s acquisition plan, as well as to contribute final improvements to some of the proposal’s commercial terms based on feedback from Vauld’s community.

Vauld has until Jan. 20 to work on a restructuring plan. However, earlier in the day, Vauld said that the deal announced in July had „not come to fruition.“ Nexo responded by saying talks were continuing and it still hoped to complete the purchase.

Kroll, Vauld’s financial adviser, didn’t immediately respond to a request for comment. This lack of response only heightens the uncertainty surrounding the acquisition process and the future of Vauld.