​Nexo writes open letter to Vauld's creditors, presents final | Crypto Shake

​Nexo writes open letter to Vauld's creditors, presents final proposal

Shortly after Vauld founder and CEO Darshan Bathija sent an email to the firm's creditors yesterday saying that the potential Nexo deal has been called off, Nexo sent an open letter to Vauld's creditors that it is not over yet.

The open letter, dated Monday and obtained by The Block, includes Nexo's final proposal to Vauld with some changes to its previous proposal from earlier this month.

The open letter also alleges that Vauld's financial advisor, Kroll, misrepresented and manipulated Nexo's previous proposal when presented to Vauld's creditors.

"The 'Nexo Deal Terms' contained in the presentation delivered at the CoC [committee of creditors] meeting on October 10, 2022 were not provided by Nexo, rather they were pieced together by Kroll without Nexo's prior knowledge," the letter reads.

"Kroll Singapore's conduct raises multiple questions about the administrator's objective and independent approach to presenting the possible restructuring scenarios as opposed to actively pushing a self-serving agenda towards the involvement of a fund manager."

Bathija's email yesterday noted that Vauld plans to go for the fund management option for its restructuring, given that the potential Nexo deal had fallen through. Bathija said that Vauld has identified six potential candidates as fund managers and is finalizing one.