Crypto lender Nexo sent an open letter to creditors of Singapore-based rival Vauld, which it’s seeking to buy, after Vauld said it had suspended all withdrawals, trading and deposits on its platform, filed for creditor protection and was looking at restructuring options.

The letter, sent Monday, comes amid conflicting assessments of the acquisition process. Vauld said earlier in the day that the deal announced in July had “not come to fruition.” Nexo responded by saying talks were continuing and it still hoped to complete the purchase. Vauld has until Jan. 20 to work on a restructuring plan.

According to the open letter, a copy of which was sent to CoinDesk, Nexo had presented a revised proposal on Dec. 2. It said that the team negotiating the transaction “faced daily challenges, such as receiving slow and incomprehensive financial and legal due diligence information,” and that terms of the deal presented to Vauld creditors were “misleading.”

"The intention of this communication was to create transparency to Vauld’s creditors, where it has been insufficient, regarding the merits of Nexo’s acquisition plan, as well as to contribute final improvements to some of the proposal’s commercial terms based on feedback from Vauld’s community," the letter, signed by Nexo Management, said.

Kroll, Vauld's financial adviser, didn't immediately respond to a request for comment.

Read more: Crypto Lender Vauld Receives Creditor Protection Extension