Nexo Accuses Rival Of Secret Deal

Crypto lender Nexus accused the fact that its acquisition of troubled rival Vauld has been rejected for a final time. They said that this would have been in a move that would have sought to make its creditors whole.

Nexo blasted Vauld and its management team, including former CEO Darshan Bathija and its committee of creditors (CoC), for pushing Nexo out of the deal in favor of another party.

“The contender is an unknown fund manager with no track record, no past performance to point to but grandiose unattested promises of exorbitant annual returns,” Nexo said.

According to the latest reports from Blockworks, Vauld seems to be favoring a fund management option for its restructuring efforts as opposed to making a deal with Nexo.

It’s also been revealed that a number of people voting for the competing bid had to be part of a “secret deal” favoring the previous management team alongside a few select whale customers, Nexo reasoned.

Vauld, which halted withdrawals in July of last year citing a tough market climate, inked a prospective term sheet with Nexo to be wholly acquired alongside its corresponding assets.

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In other recent relevant news, a few days ago, we revealed that Mike McGlone, Bloomberg’s senior macro strategist, says Bitcoin (BTC) is “poised to come out ahead” after the current bear market. He also said that it could take a serious price dip first.

McGlone noted in a new analysis that the potential for a global recession this year could turn into the very top factor in determining Bitcoin’s price.

“Our bias is that Bitcoin is more likely to come out ahead in most scenarios, but if the inverted yield curve is an indication, economic growth will ebb sharply, with implications for all assets. The benchmark crypto could revisit good support at around $10,000-$12,000 before resuming its enduring upward price trajectory.”