Defi News- Earlier, officials in Kentucky claimed that Nexo was insolvent.
- Nexo created three loans and sent $530 million to MakerDao.
A cryptocurrency wallet address identified as NEXO 0x8fd withdrew 7,758.8 Wrapped Bitcoin (wBTC) from MakerDAO. At the time equivalent to almost $153 million. This is only days after market experts forecast a 50% decline in Nexo price. Owing to regulatory pressure and investor fears.
On September 26th, authorities from eight US states issued a cease-and-desist order against Nexo. Accusing it of marketing unregistered securities to investors without providing enough disclosure. In addition, officials in Kentucky claimed that Nexo was insolvent since its liabilities outweighed its assets.
Similarly, on September 30th, blockchain researcher Peckshield notified of a MakerDAO transfer of 7,758.8 wBTC. The name of the wallet, Nexo: 0x8fd, is one of the key reasons the cryptocurrency community connected the withdrawal of money with allegations of bankruptcy at Nexo.
Operational Capital Requirements
After dropping by 43.3% over the previous year, MakerDAO’s TVL is now at $7.11 billion. The DSProxy transaction history shows that $50.1 million worth of Dai (DAI) tokens were sent from Nexo: 0x8fd to a null address (perhaps a burn address). The transaction hash snapshot verifies that $153.2 million was sent in wBTC.
A Nexo spokesman informed a news outlet that the monies are still in the publicly labelled Nexo wallet, despite widespread suspicion of misconduct in the cryptocurrency community.
As per the statement:
“This routine transaction made yesterday represents a loan repayment in line with the latest market dynamics and as per the company’s standard treasury management.”
Etherscan data reveals that on the same day Nexo created three loans and sent $530 million to MakerDao, further indicating that the aforementioned transactions were undertaken to fund Nexo’s operational capital requirements.
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Source: https://thenewscrypto.com/nexo-clarifies-over-153m-worth-wrapped-btc-withdrawal/