Sources: Nexo has dropped the bid for Vauld

According to The Block, citing sources, Nexo has given up on acquiring cryptocurrency lending platform Vauld. According to sources, the reasons for the failure to complete the acquisition include Vauld losing a lot of money in the Terra crash; Indian authorities confiscated some of its assets; In addition, Vauld's main customers are from the United States, and Nexo recently announced that it will abandon the US market, so the deal is moot. Vauld has now proposed a new restructuring plan that will select a fund manager to manage client assets. At present, Vauld’s funding gap is $98 million, an increase of about $17 million compared to the previous gap, mainly due to the failure of some funds to be withdrawn due to the bankruptcy of FTX and the 24% drop in token prices.