{"id":66917,"date":"2022-09-09T12:33:47","date_gmt":"2022-09-09T09:33:47","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=66917"},"modified":"2025-09-07T03:51:31","modified_gmt":"2025-09-07T00:51:31","slug":"nexo-outlines-timeline-for-vauld-acquisition-decision","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/nexo-outlines-timeline-for-vauld-acquisition-decision\/","title":{"rendered":"Nexo outlines timeline for Vauld acquisition decision"},"content":{"rendered":"<p>The cryptocurrency-lending platform Nexo will require another 30 days to decide on acquiring its competitor Vauld. <a href=\"https:\/\/www.theblock.co\/post\/168817\/nexo-vauld-30-more-days-potential-acquisition\">The Block<\/a> reports, citing the company&#8217;s letter.<\/p>\n<p>On 5 July, Nexo began a comprehensive 60-day review of the potential deal. In September, the company decided to extend the period by another month.<\/p>\n<p>Co-founder Antoni Trenchev confirmed the information to the publication.<\/p>\n<p>On 4 July Vauld <a href=\"https:\/\/forklog.com\/en\/news\/peter-thiel-backed-crypto-lending-platform-vauld-suspends-operations\">announced<\/a> the suspension of operations <a href=\"https:\/\/forklog.com\/en\/news\/nexo-eyes-acquisition-of-vauld-the-crypto-lending-platform\">and a possible restructuring<\/a> due to financial difficulties. The following day it emerged that <a href=\"https:\/\/forklog.com\/en\/news\/nexo-eyes-acquisition-of-vauld-the-crypto-lending-platform\">Nexo signed with the company<\/a> a preliminary agreement to acquire.<\/p>\n<p>Subsequently, media citing court documents found that Vauld&#8217;s outstanding debt after these events <a href=\"https:\/\/forklog.com\/en\/news\/media-vauld-crypto-lending-platform-owes-402-million-to-creditors\">amounted to $402 million<\/a>. Of these, $363 million was owed to retail investors.<\/p>\n<p>The platform&#8217;s troubles began with <a href=\"https:\/\/forklog.com\/en\/news\/terras-death-spiral-how-and-why-luna-and-ust-collapsed\">the Terra collapse<\/a> \u2014 about $28 million Vauld held in UST staking. The next blow was the broad downturn in the crypto market \u2014 Vauld held positions in Bitcoin, Ethereum, MATIC and XRP.<\/p>\n<p>The third factor was defaults by certain counterparties, which led to irrecoverable losses of about $1.7 million. The fourth reason for bankruptcy was expenses on sponsorship agreements.<\/p>\n<p>As reported, in August the Singapore High Court <a href=\"https:\/\/forklog.com\/en\/news\/vauld-wins-temporary-creditor-protection\">granted Vauld a moratorium<\/a> on proceedings until 7 November 2022.<\/p>\n<p>According to media reports, Indian authorities <a href=\"https:\/\/forklog.com\/en\/news\/indian-authorities-freeze-vauld-assets-worth-46-million\">froze the crypto-lending platform&#8217;s assets<\/a> valued at 370 crores (~$46 million).<\/p>\n<p>Read ForkLog&#8217;s bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 crypto news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency-lending platform Nexo will require another 30 days to decide on acquiring its competitor Vauld. The Block reports, citing the company&#8217;s letter.<\/p>\n","protected":false},"author":1,"featured_media":66918,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[83,1315,2227],"class_list":["post-66917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-business","tag-nexo","tag-vauld"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=66917"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66917\/revisions"}],"predecessor-version":[{"id":66919,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/66917\/revisions\/66919"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/66918"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=66917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=66917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=66917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}