There has been panic in the digital space amidst rumors of Nexo being insolvent due to the abrupt withdrawal of Wrapped Bitcoin (WBTC) from MakerDAO with an address labeled as Nexo Ox8fd.
According to reports gotten from sources, approximately $151 million worth of WBTC was withdrawn on Friday from MakerDAO from the Nexo wallet.
While many users believe the sudden withdrawal is a fraudulent move by the company, a Nexo spokesperson has highlighted that the withdrawn funds are still in the public space (Nexo wallet) adding that;
“the withdrawal was a routine transaction and represents a loan repayment according to the latest market dynamics and the company’s normal asset management.”
Nexo has continued to provide professional financial services to the digital economy since 2018. Nexo is among the world’s most trusted financial institutions that provides lending services in the digital finance industry. According to the firm, it has more than 5 million users around the world...
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