According to The Block, Nexo has terminated its potential acquisition of crypto lending platform Vauld.

"Unfortunately, our discussions with Nexo have not been fruitful," Vauld founder and CEO Darshan Bathija said in an email to the company's creditors.

Vauld announced the suspension of customer withdrawals in early July this year. After that, Nexo began discussing a potential acquisition with Vauld and began due diligence. After the due diligence period was extended twice, the potential acquisition was finally terminated. It is reported that Nexo has proposed potential transaction terms to Vauld twice, but Vauld believes that Nexo's proposal is not in the best interests of all creditors and that Nexo is not transparent about its financial situation.

Next, Vauld plans to select a fund manager to manage client assets. The email reads, "During the search process, we identified six potential fund managers and received proposals from four. After preliminary discussions and reviews, we finally selected two potential fund managers. We are negotiating with creditors to develop the proposed strategy and mandate with the aim of reaching an agreement with the final shortlisted fund manager candidates in the new year."