Due to reasons such as leaving the U.S. market, Nexo has abandoned the acquisition of Vauld

According to ChainCatcher, in an email sent to the company's creditors by sources and Vauld founder and CEO Darshan Bathija, the crypto lending platform Nexo has terminated its acquisition of Vauld.

Sources indicate that the reasons for the termination include Vauld's significant losses in the Terra ecosystem, the seizure of its assets by Indian authorities, funds being stuck in the bankrupt cryptocurrency exchange FTX, and substantial receivables from Amber Group. Additionally, sources added that Vauld has many clients in the U.S., while Nexo recently announced plans to exit the U.S. market, making the potential deal meaningless for Nexo.

Previously reported, in July of this year, Nexo had signed a non-binding term sheet with Vauld. Nexo was set to begin due diligence and planned to acquire up to 100% of Vauld's shares. (The Block)