Cryptocurrency Lenders Vault has officially called off its potential takeover by the rival NEXO – a transaction originally announced five months ago. After the initial agreement to explore the merger, and less than a month before Singapore-based Vauld was required to present a restructuring plan, talks have reportedly stalled.

What happened?: Negotiations are still ongoing, although previous talks about a possible acquisition by Nexo have collapsed, CoinDesk reported, based on a person familiar with the talks. In order for the deal to be canceled, both parties must agree, which is yet to happen.

“We previously explored a potential acquisition by Nexo as part of the proposed restructuring plan,” Vauld told CoinDesk in a private message on Twitter. “To sum it up very briefly, our discussions with Nexo have unfortunately not come to any conclusion.”

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Vauld has been through a difficult time after all withdrawals have been suspended, trading and deposits on its platform and laying off 30% of its staff. In July, the company filed for bankruptcy protection in Singapore with an affidavit showing that the company owed its creditors $402 million, 90% of which came from deposits from individual retail investors. To make matters worse, Indian authorities $46.4 million worth of assets frozen.

“Nexo has not given up on trying to save Vauld and help its creditors recover the maximum possible platform funds,” co-founder and managing partner Kalin Metodiev was quoted as saying.

Vauld and Nexo have not responded to Benzinga’s request for comment as of press time.
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