Crypto lending platform Nexo has made another offer after its rival Vauld reported that the deal process between them was terminated.
Struggling with serious liquidity crises in the bear market in the crypto money industry, Vauld recently made a statement to creditors, stating that the deal could not be reached and terminated in the purchase negotiations initiated in July with its rival Nexo, while a new offer came from the Nexo front.
CEO of Vauld Darshan Bathija In a statement made by Nexo on December 26, the process of an ongoing acquisition agreement between Nexo and Vauld was followed by nearly six months of bilateral dialogue. fell into water expressed. In a recent email sent by the CEO to the company’s creditors, according to a source with direct knowledge of the matter, “Unfortunately, our negotiations with Nexo did not yield any results.” expressions were used.
However, shortly after this statement, Nexo was released from the front. a new letter to creditors sent and it was stated that the attempt to negotiate with Vauld was not abandoned. Nexo is in this direction final offer shared publicly.
Nexo told Vauld the potential deal terms before closing the talks. twice offered by Vauld and his creditors. dissatisfied with these conditions. was put forward. CEO Bathija shared his thoughts on the subject with the following statements:
Nexo’s revised offer does not allow creditors an early exit option. Based on our discussions with creditors, we explained to them that the early exit option is vital to the success of any proposed restructuring.
Following this dissatisfaction, clearly expressed by Vauld, Nexo’s final offerteeThere were critical changes regarding withdrawals. While the previous offer had a transaction turnover requirement of at least 2 times the account balance requested from the creditors for withdrawals, the new offer required a minimum turnover requirement has been removed.
Nexo co-founder Antoni Trenchev In his statement to The Block, he made the following statements:
To increase the likelihood of Vauld customers getting their forn, we’ve made a few changes. For example, we have removed the absolute minimum volume limit for trading on Nexo’s platform.
In addition, in the previous offer, the total account balance of Vauld creditors must be at least 20%by converting to Nexo’s native token for at least 12 months minimum 1,000 dollars They had to lock it in a fixed income account. In the last proposal, this requirement was also removed.
In the statement, it was stated that no agreement could be reached in the previous proposal. a few reasons was stated. Among them, Vauld’s 46 million dollars to its worth Indian blocked by the authorities, From the collapse of Terra (LUNA) significant loss and bankruptcy FTXin 10 million dollars lost took place.
from the Singapore court 3-month moratorium In order to solve the situation of Vauld, who won the right, It has until January 20. The company may request an extension of this period if necessary conditions are met.