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Vauld, a Singapore-based crypto exchange, that has been ongoing bankruptcy proceedings since August 2022, has said that it received permission from the court to restructure its board. The new top management will lead the company’s bailout process. On Aug. 24, Vauld’s co-founder Darshan Bathija revealed on X (former Twitter), that the
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Vauld now has until March 24 to present its restructuring plan. Its existing legal protection from its creditors expires on Feb. 28. Source
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Vauld has received bids from two digital asset fund managers to take over the beleaguered lender after talks with Nexo broke down. Original Source
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Embattled crypto lending platform Vauld one more time gets the period of creditor protection from a Singapore court. The company should come up with a revival plan before Feb. 28. As reported by Bloomberg on Jan. 17, Vauld has been granted more than a month to close its negotiations with one
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"Mid-next week, Nexo will host a live AMA (ask-me-anything) session to address all outstanding questions about our proposal, and we are adamant about the fact that this is the offer that creates most value for Vauld’s customers," a Nexo spokesperson said in an email. "We will also be putting out
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Swiss crypto lender Nexo recently terminated its acquisition deal with embattled Singaporean crypto lender Vauld.Nexo has ended discussions with rival crypto lender Vauld regarding a potential acquisition deal. According to new reports, Nexo opted out of potentially acquiring the troubled crypto lender after six months of dialogue. Both parties had
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"The intention of this communication was to create transparency to Vauld’s Creditors, where it has been insufficient, regarding the merits of Nexo’s acquisition plan, as well as to contribute final improvements to some of the proposal’s commercial terms based on feedback from Vauld’s Community," the letter, signed by Nexo Management,
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“We were previously exploring a potential acquisition by Nexo as part of the proposed restructuring plan,” Vauld said in a private message on Twitter. “To provide a very brief summary, our discussions with Nexo have unfortunately not come to fruition.” Source
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The firm now has till 20 January 2023 to work on a restructuring plan. Source
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