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$153 Million of WBTC Was Withdrawn by a Single Nexo Address

A few days after market analysts had predicted a 50% fall in NEXO prices due regulatory pressure and investor concerns, a cryptocurrency wallet address labeled...
three round gold-colored Bitcoin tokens
Photo by Dmitry Demidko

A few days after market analysts had predicted a 50% fall in NEXO prices due regulatory pressure and investor concerns, a cryptocurrency wallet address labeled NEXO 0x8fd drew 7,758.8 Wrapped Bitcoins (WBTC), approximately worth $153M from MakerDAO. Due to Nexo’s name, Nexo:0x8fd, the crypto community decided to link the funds withdrawal with Nexo insolvency rumors.

Nexo was accused of selling unregistered securities without warning to investors on Sept. 26th. Kentucky regulators also accused Nexo that it was insolvent due to Nexo’s liabilities exceeding its assets.

Peckshield, a blockchain investigator alerted MakerDAO to the transfer of 7,758.8WBTC on Sept. 30. The name of the wallet Nexo — 0x8fd — is one of the reasons why the crypto community linked the funds’ withdrawal to Nexo’s insolvency news rumors.

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The MakerDAO total value locked (TVL), has seen a decrease of 43.3% in the past year. It currently stands at $7.11 trillion.

The transaction details show that DAI tokens valued at \$50.1 million were transferred from Nexo to: 0x8fd via DSProxy to a null (possibly a burning address). The transaction hash confirms that $153.2 million was transferred in WBTC, as shown in the screenshot.

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The crypto community believes there is wrongdoing. However, investigations into the matter continue.

Cointelegraph has yet to hear back from Nexo on its request for comment.

Nexo is expanding its business despite the FUD. Nexo recently purchased a stake at Hulett Bancorp on September 27, a holding company which owns the federally chartered Summit National Bank.

Nexo’s customers and Nexo can now open bank accounts at Summit National Bank. Nexo’s institutional and retail clients in the US will have access to Summit’s asset-back loans, card products, escrow, and custodial services.

Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".
Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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