crypto News Media: Nexo again extended the deadlines for the decision to purchase Vauld

Media: Nexo again extended the deadlines for the decision to purchase Vauld

Media: Nexo again extended the deadlines for the decision to purchase Vauld

Nexo cryptolending platform once again extended the terms of a comprehensive audit to make a decision on the acquisition of its competitor Vauld. About this writes The Block with reference to an informed source.

July 5, the company began a 60-day study of a potential transaction. In September, the company decided to extend the period for another month. According to the interlocutor, this time Nexo did not indicate the deadlines – the check will go “as much as necessary”.

Earlier, the managing partner of Kalin Methodiyev during the AMA -Session confirmed the extension of the period. He noted that any problem deal is “not easy”.

“I am glad to report that our leading level meetings at VAULD are very good. We feel that we see this movement forward in a very similar way: we not only care about how to help people immediately compensate for their losses, we also have a plan for how this can happen over a longer period of time, ”Methodyev emphasized.

According to him, in the event of a transaction, the final plan is to allow users Vauld “to restore their balance sheets as much as possible and provide them with the Nexo platform”.

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 – the company held positions in Bitcoin, Ethereum, Matic and XRP.

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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