Troubled crypto lender Vauld has terminated a buyout deal with Nexo as the London-based company reportedly failed to "respond to requests for a comprehensive due diligence exercise," Moneycontrol reports, citing an email from the lender.
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The report says that Nexo also didn't provide a solvency assessment or other information that could provide creditors with a "greater level of assurance in the event of Nexo's insolvency," the email states. As of press time, Nexo made no official statement regarding the matter.
In mid-November, Vauld revealed that it has around $10 million stuck on FTX, a bankrupt cryptocurrency exchange. According to court documents, the lender owes creditors over $400 million.
Vauld suspended withdrawals, deposits and trading services, citing "financial challenges" in July 2022. The company's head Darshan Bathija said in a blog post that financial difficulties of Vauld's "key business partners" also affected the company.
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