Odaily Planet Daily News Cryptocurrency lending platform Nexo's acquisition proposal for Vauld was rejected. In an open letter released on Thursday, Nexo slammed Vauld and its management team, including former CEO Darshan Bathija and other former management personnel and the creditors committee (CoC), accusing them of forcing Nexo to withdraw from the transaction and support another party without keeping the best interests of creditors in mind. Nexo said, "The competitor is an unknown fund management company with no track record and no past performance to prove, but it has made an incredibly high annual return rate promise." Vauld seems to prefer to reorganize through a fund management company rather than reach a deal with Nexo. Nexo believes that many people voted for the bidder, which must be part of a "secret deal" that benefits the former management team and a selected few whale customers. (Blockworks) As previously reported, due to concerns about Nexo's financial health and other issues, crypto lending institution Vauld and its creditors committee (COC) rejected Nexo's "final" acquisition proposal. “We have considered the terms of the final Nexo proposal and have consulted further with the COC, and we unanimously do not accept your proposal,” Vauld co-founder and CEO Darshan Bathija wrote in a letter to Nexo on Wednesday.