The crypto-lending platform Vauld, undergoing restructuring, held $10 million on accounts at the bankrupt FTX. The Block reported this, citing informed sources.
FTX was among Vauld’s exchange partners.
On 19 November, the crypto-lending platform will hold a meeting with representatives of the creditors’ committee and a potential buyer — rival Nexo.
Sources told the publication that disclosing Vauld’s links to FTX could derail the deal. In such a scenario the platform would consider other options — issuing its own token and raising capital.
In July, Vauld announced the suspension of operations and a possible restructuring amid financial difficulties.
Subsequent media reports, citing court documents, found that the platform’s outstanding debt stood at $402 million.
On July 5, competitor Nexo signed with Vauld a preliminary agreement to acquire. In September the company decided to extend the timelines of due diligence for another month, in October — again without specifying a date.
In August Vauld secured temporary protection from creditors — the court granted the platform a moratorium until 7 November. Subsequently this term was extended to 20 January 2023.
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