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

Only a few days after market analysts predicted a 50% drop in NEXO price because of regulatory strain and investor issues, a crypto pockets tackle labeled as NEXO 0x8fd withdrew 7,758.8 Wrapped Bitcoin (WBTC) — roughly price $153M — from MakerDAO.

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

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Following go well with, on Sept. 30, blockchain investigator Peckshield alerted the switch of seven,758.8 WBTC from MakerDAO. One of many most important causes the crypto group selected to hyperlink the funds’ withdrawal with Nexo’s insolvency rumors is the title of the pockets — Nexo: 0x8fd.

MakerDAO particulars overview. Supply: Peckshield

As proven above, the whole worth locked (TVL) on MakerDAO has suffered a decline of 43.3% over the previous 12 months, which presently stands at $7.11 billion.

Transaction particulars overview. Supply: Peckshield

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

Whereas the crypto group suspects wrongdoing, additional investigations on the matter are underway.

Nexo has not but responded to Cointelegraph’s request for remark.

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

Regardless of the continuing FUD, Nexo continues to broaden its enterprise. Most 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 clients to open financial institution accounts with Summit Nationwide Financial institution. As well as, Nexo’s retail and institutional purchasers based mostly out of the US will get entry to asset-back loans, card merchandise, and escrow and custodial options supplied via Summit.