cryptocurrency lender wold has officially called off its potential takeover by a rival nexo – a transaction that was initially announced five months ago. After a preliminary agreement to explore a merger and less than a month before Singapore-based Would was to present a restructuring plan, talks have now stalled.
What happened: via CoinDesk Talks are still ongoing despite earlier talks of a possible acquisition by Nexo Reported, based on a person familiar with the talks. To cancel the deal, both parties must agree, which is yet to happen.
“We were previously exploring a possible acquisition by Nexo as part of a proposed restructuring plan,” Wald told CoinDesk in a private message on Twitter. “To provide a very brief summary, our discussions with Nexo have unfortunately not come to fruition.”
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Wald is facing hard times, all withdrawals suspended, trading and deposits on its platform, as well as laying off 30% of its staff. In July, the company filed for creditor protection in Singapore, with an affidavit stating the company paid $402 million to its creditors, 90% of which originated from individual retail investor deposits. To make matters worse, Indian officials Assets worth $46.4 million were sealed.
“Nexo has not abandoned its efforts to rescue Vault and help its creditors recover the maximum possible platform funds,” co-founder and managing partner Kalin Metodiev was quoted as saying.
Wald and Nexo did not respond to Benzinga’s request for comment at press time.
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