Nexo-labeled address withdraws $153M in Wrapped BTC from MakerDAO



Nexo-labeled Address Withdraws $153M In Wrapped BTC From MakerDAO

Nexo-labeled Address Withdraws $153M In Wrapped BTC From MakerDAO

Disclaimer: This text has been up to date to replicate Nexo’s response stating that the fund switch represents an operational switch, involving the transfer of funds from one Nexo deal with to a different.

Nexo-labeled Address Withdraws $153M In Wrapped BTC From MakerDAO

Just some days after market analysts predicted a 50% drop in NEXO worth resulting from regulatory strain and investor issues, a crypto pockets deal with labeled as NEXO 0x8fd withdrew 7,758.eight Wrapped Bitcoin (WBTC) — roughly value $153M — from MakerDAO.

Nexo-labeled Address Withdraws $153M In Wrapped BTC From MakerDAO

On Sept. 26, regulators from eight U.S. states filed a cease-and-desist order in opposition to Nexo beneath the allegations of providing unregistered securities to buyers with out warning. Furthermore, Kentucky regulators accused Nexo of insolvency owing to liabilities exceeding property when excluding Nexo.

Nexo-labeled Address Withdraws $153M In Wrapped BTC From MakerDAO

Following swimsuit, on Sept. 30, blockchain investigator Peckshield alerted the switch of seven,758.eight WBTC from MakerDAO. One of many foremost causes the crypto group selected to hyperlink the funds’ withdrawal with Nexo’s insolvency rumors is the title of the pockets — Nexo: 0x8fd.

Nexo-labeled Address Withdraws $153M In Wrapped BTC From MakerDAO

MakerDAO particulars overview. Supply: Peckshield

Nexo-labeled Address Withdraws $153M In Wrapped BTC From MakerDAO

As proven above, the whole worth locked (TVL) on MakerDAO has suffered a decline of 43.3% over the previous yr, which presently stands at $7.11 billion.

Nexo-labeled Address Withdraws $153M In Wrapped BTC From MakerDAO

Transaction particulars overview. Supply: Peckshield

Transaction particulars present the switch of DAI tokens value $50.1 million from Nexo: 0x8fd to a null deal with (presumably a burn deal with) through DSProxy. As highlighted within the above screenshot, the transaction hash additionally confirms the switch of $153.2 million in WBTC.

Want I had seen celsius transferring funds earlier than freezing my account … make your individual thoughts up what this implies https://t.co/JuQ2fXJIuS

— cryptochicca.eth (@CryptoChicca) September 30, 2022

Whereas the crypto group suspects wrongdoing, Nexo spokesperson informed Cointelegraph that the funds stay within the publicly tagged Nexo pockets, including that:

This routine transaction made yesterday represents a mortgage compensation in step with the newest market dynamics and as per the corporate’s customary treasury administration.

Cointelegraph was additionally knowledgeable that the cited transaction was pushed by Nexo’s operational wants on the time. “Because of this, and once more pushed by the present market context, we anticipate the mortgage dimension at Maker to proceed to fluctuate in correlation with market volatility,” concluded the Nexo spokesperson.

Associated: Nexo ‘shocked’ by state regulators’ actions, says co-founder

Regardless of the continued FUD, Nexo continues to broaden its enterprise. Most just lately, on Sept. 27, Nexo bought a stake in Hulett Bancorp, a holding firm that owns a federally chartered Summit Nationwide Financial institution.

The acquisition permits Nexo and its prospects to open financial institution accounts with Summit Nationwide Financial institution. As well as, Nexo’s retail and institutional purchasers primarily based out of the US will get entry to asset-back loans, card merchandise, and escrow and custodial options provided via Summit.



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