Vauld, a crypto lender company, discovered a loss in their revenue and initiated a claim for security against lenders in July 2021.

Vauld entered into a contract with Nexo, a rival company, to restructure its business.

Nexo has not responded to requests for a comprehensive due diligence exercise, including an assessment of its solvency.

Vauld has stated that Nexo has not provided creditors with assurance in the event of Nexo's insolvency.

Vauld applied for creditor protection in Singapore and has been in talks with Nexo to protect its creditors.

The terms of the contract between Vauld and Nexo did not align and the contract was not successful.

Nexo announced it was discontinuing service in the United States, potentially leaving Vauld's customers without a way to handle their claims in the country.

The proposal from Nexo did not provide Vauld creditors with an early exit option, which Vauld claimed was critical to a successful restructuring.

Nexo has not responded proactively to Vauld's requests for solvency assessment or provided an early exit option to Vauld's consumers.

Despite these issues, the negotiations between Vauld and Nexo are ongoing and they may interact again in the future.