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.
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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