Nexo labeled address withdraws dollar153M in Wrapped BTC from Make rDAO
Categories: Crypto News
Nexo-labeled addresswithdraws $153M in Wrapped BTC from MakerDAO
Just a fewdays after market analysts predicted a 50% drop in NEXO price due to regulatorypressure and investor concerns, a crypto wallet address labeled as NEXO0x8fd withdrew 7,758.8 Wrapped Bitcoin (WBTC) — roughly worth $153M — from MakerDAO.
On Sept. 26,regulators from eight U.S. states filed a cease-and-desist order againstNexo under the allegations of offering unregistered securities to investorswithout warning. Moreover, Kentucky regulators accused Nexo of insolvency owingto liabilities exceeding assets when excluding Nexo.
Transactiondetails show the transfer of DAI tokens worth $50.1 million from Nexo:0x8fd to a null address (possibly a burn address) via DSProxy. As highlightedin the above screenshot, the transaction hash also confirms the transfer of$153.2 million in WBTC.While the crypto community suspects wrongdoing, furtherinvestigations on the matter are underway.
Despite theongoing FUD, Nexo continues to broaden its business. Most recently, on Sept.27, Nexo purchased a stake in Hulett Bancorp, a holding company that owns afederally chartered Summit National Bank.
Theacquisition allows Nexo and its customers to open bank accounts with SummitNational Bank. In addition, Nexo's retail and institutional clients based outof the US will get access to asset-back loans, card products, and escrow andcustodial solutions offered through Summit.