In the words of Nexo's Co-Founder, Kalin Metodiev, “Nexo has not given up on its attempt to save Vauld and help its creditors recover the maximum possible platform funds.”
Nexo has sent an open letter to Vauld’s creditors after the latter called off its potential acquisition deal with Nexo.
On December 26, Vauld terminated ongoing negotiations with Nexo. The firm cited Nexo’s lack of response to due diligence requests as one of the reasons for backing out of the deal.
#Nexo writes open letter to #Vauld creditors, presents final proposal
— Crypto Cue (@CryptoCue_) December 27, 2022
In response, Nexo has made amendments to its offer for the Vauld takeover deal. Earlier, Vauld’s creditors were required to convert 20% of their holdings into the NEXO token. Furthermore, they were required to lock $1,000 worth of these tokens into fixed-term deposits for 12 months. Now, Nexo has removed the minimum size requirement for the fixed-term deposit.
Additionally, Nexo has made changes to Key Performance Indicators (KPIs). This includes eliminating the minimum turnover requirement for withdrawals. The crypto lender will also reduce withdrawal fees by 50% if Vauld users are unable to achieve the KPIs or are off-boarded from Nexo's platform.
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Nexo also claimed that the terms of the proposal sent to Vauld’s creditors by Kroll, Vauld's financial advisor, were “misleading”. It questioned Vauld’s plans of hiring a fund manager, adding,
“We cannot help but wonder why there is such an aggressive push toward the fund management option and what kind of ulterior motives could justify taking an alternative direction to the detriment of Vauld's Creditors.”
