NEXO-Tagged Address Withdraws Wrapped Btc Worth $153 Million USD From MakerDAO.

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Bitcoin DeFi
NEXO-Tagged Address Withdraws Wrapped Btc Worth $153 Million USD From MakerDAO.

The Nexo-addressed Crypto pocketbook makes a large withdrawal of wrapped Bitcoin (wBTC) of up to $153 million USD from MakerDAO. This development comes amidst a predicted drop in NEXO rates.

Nexo Takes Out $153 Million USD in Bitcoin.

Just recently, we saw analysis from market experts predicting a 50 per cent drop in NEXO rate owing to government issues as well as financiers’ worries. Amidst this, a NEXO-addressed crypto pocketbook recently took out 7,758.8 wrapped Bitcoin (wBTC) worth about $153 million from MakerDAO. 

The crypto pocketbook identified as NEXO 0x8fd made this withdrawal on the 26th of September, 2022.

Nexo Receives Restriction Order From Regulatory Authorities.

Preceding the huge withdrawal, NEXO had received a cease and desist order from eight U.S. states. Regulatory authorities in these states submitted the order against NEXO recently. The restrictive order was served based on the accusations of providing non-listed protection services to capitalists without caution. 

In addition, Kentucky regulatory authorities have also charged Nexo with bankruptcy resulting from liabilities exceeding assets to the exclusion of Nexo.

Peckshield Announces NEXO’s Withdrawal.

Following the restriction order against NEXO, Peckshield, a blockchain researcher, warned the public of MakerDAO’s transfer of 7,758.8 WBTC to a suspected NEXO account. Peckshield made this announcement on the 30th of September. 

One of the major reasons the large withdrawal was linked with NEXO’s insolvency rumours by the crypto community is the name of the wallet – Nexo: 0x8fd.

Proofs of Withdrawal.

As revealed in the data provided, the total value locked (TVL) on MakerDAO has experienced a decrease of 43.3% over the previous year, which currently stands at $7.11 billion USD.

According to screenshots provided by thesingaporetime.com, transaction details show the transfer of DAI tokens worth $50.1 million from Nexo: 0x8fd to a null address, which could be a brand address, via DSProxy. According to the screenshots, the transaction hash also confirms the $153.2 million USD transfer in WBTC.

Although the crypto community suspects misdeeds by NEXO, further extensive examinations of the issue are currently underway.

NEXO’s Response

Despite strong accusations from analysts and other concerned parties in the crypto community, Nexo is yet to respond to the issue at hand. However, several parties have requested remarks from the firm.

NEXO Continues to Expand

Despite the ongoing FUD, Nexo continues to expand its company. Just recently, on the 27th of September, Nexo bought a stake in Hulett Bancorp, a holding firm that owns a government-chartered nationwide financial summit.

This new acquisition will allow Nexo and its consumers to open financial institution accounts with Summit nationwide lending firms. Also, NEXO’s retail and institutional customers outside of the United States will be allowed access to asset-back funding, card products and solutions, and escrow and custodial services provided by Summit.

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Tolulope Ogundalu

Tolulope is an expert crypto content writer, blockchain content analyst, and DeFi writer with over 5 years+ of progressive content development experience working with several crypto exchanges, blockchain-based companies, and DeFi startups.