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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.

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.

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.

The post $153 Million of WBTC Was Withdrawn by a Single Nexo Address first appeared on The Daily Encrypt.



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Angie Byrd