Nexo outlined the deadlines for the decision to purchase vauld
The Nexo cryptolending platform will take another 30 days to decide on the acquisition of its competitor Vauld. About this writes The Block with reference to the letter of the company.
According to the document, on July 5, Nexo began a comprehensive 60-day check of a potential transaction. In September, the company decided to extend the period for another month.
The co -founder of the platform Antoni Trenchev confirmed this information to the publication.
On July 4, Vauld announced the suspension of operations and possible restructuring due to financial difficulties. The next day it became known that Nexo signed a preliminary agreement with the company on the absorption.
Later, the media, citing documents for the court, found out that the volume of outstanding Vauld debt after these events amounted to $ 402 million. Of these, $ 363 million fell on retail investors.
The problems of the platform began with Terra collapse – she kept the equivalent of $ 28 million. The next blow was the overall drop in cryptorrhist – Vauld held positions in Bitcoin, Ethereum, Matic and XRP.
The defaults of some counterparties that led to irrevocable losses ~ $ 1.7 https://gagarin.news/news/hackers-withdrew-more-than-90-million-from-the-nomad-cross-chain-protocol/ million were the third factor in the loss of financial stability. The fourth reason for the onset of bankruptcy was expenses on sponsorship agreements.
Recall that in August the High Court of Singapore provided the Vauld Morator for the proceedings until November 7, 2022.
According to media reports, the Indian authorities froze the cryptolending platform access to assets with an estimate of 370 crores (~ $ 46 million).
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