Tensions Rise Between Crypto Lending Rivals Nexo and Vauld
- Nexo is attempting to acquire troubled crypto lender Vauld
- The industry has been hit hard by broader market downturn
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Tensions have escalated in a simmering dispute between two crypto lending rivals, both facing the steep downturn in the digital asset market. In an open letter Thursday, Nexo Capital Inc. accused troubled crypto startup Vauld of not acting in the best interests of its creditors.
Nexo, which is attempting to acquire Vauld, said that the company was rebuffing it and pushing for a “questionable” deal with an affiliated fund manager. The letter said that this alternative arrangement “will most certainly result in the total loss of whatever little assets are still left on Vauld’s balance sheet through speculation and hefty management fees.”