Troubled crypto lender Vauld and its committee of creditors (COC) rejected rival Nexo's "final" acquisition proposal due to concerns about Nexo's financial health and others issues. "We have taken the terms of the Final Nexo Proposal into consideration and further consulted with the COC, and we unanimously do not accept your proposal as it stands," Vauld co-founder and CEO Darshan Bathija wrote to Nexo in a letter dated Wednesday that was obtained by The Block.

"Overall, you have failed to adequately respond to our repeated requests (which echoes the COC's requests) for a comprehensive due diligence exercise including a solvency assessment of Nexo, or otherwise to elaborate on what measures may be able to be agreed upon to provide Vauld's creditors with a greater level of assurance in the event of insolvency of Nexo," Bathija said in the letter.