Negotiations between Vauld and its potential buyer, Nexo, have apparently fallen through. Vauld, a lending and borrowing crypto business, barred withdrawals in July and sought refuge under creditor protection.

Nexo, Vauld’s rival, was in negotiations to purchase and save the business, but Vauld informed Bloomberg in an email that these talks “have unfortunately not come to fruition.”

Nexo, however, alleged that it put forward a modified acquisition offer on Dec. 2 and is devoted to “giving creditors the most beneficial way forward.”

With Vauld obligated to provide a restructuring plan by Jan. 20, both companies have limited time to reach an agreement.