Nexo Needs 30 More Days to Decide on Potential Acquisition of Vauld

Crypto lending institution Nexo will take thirty more days to decide whether or not to acquire Vauld, The Block reports. In an email sent by Vauld to its customers, the crypto trading and lending platform wrote, "the 60-day exclusivity period previously agreed with Nexo to conduct due diligence in relation to the potential acquisition has been extended for a period of a further 30 days from today. This is because more time is required for the due diligence process." Previously, Vauld suspended all withdrawals, trading and deposits on the platform on July 4th. The following day, Nexo announced that it had signed an indicative term sheet with Vauld, planning to acquire up to 100% of Vauld, with a 60-day due diligence period needed. The extension means that Nexo has until early October to announce its decision, but Vauld's three-month protection granted by the Singapore High Court will expire on November 7th, after which Vauld could be forced into liquidation. It is reported that Vauld owes more than $400m. Last month, India's Enforcement Directorate froze Vauld's assets worth around $46.5m, as one of its clients was involved in a money laundering case.