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Nexo-linked addresses see outflows of nearly $9M amid rising FUD


On-chain data shows that addresses related to crypto lender Nexo are recording outflows following news of financial crimes investigations by the Bulgarian government.

Crypto intelligence platform Arkham Intelligence dashboard showed that the crypto lender had seen outflows of roughly $9 million since the news broke.

Nexo Withdrawals
Source: Arkham Intelligence

A breakdown of the transactions showed that Nexo’s address, 0xFfe, saw the majority of the withdrawals.

According to the data, the withdrawals were populated by transactions from retail investors who majorly deposited to centralized exchanges like Binance, Kraken, etc.

Nexo Withdrawals
Source: Arkham Intelligence

Meanwhile, Nexo’s real-time attestation by Armanino showed that its customer’s liabilities were $2.42 billion (133,263 Bitcoin) as of Jan. 12.

FUD spreads on Nexo

Several crypto community members believe that Nexo could be the next victim of a crypto contagion that has taken several other companies by storm.

A partner at MetaCartel Ventures DAO, Adam Cochran, said Nexo would be “the last of the shady centralized stakers (to) fall.” He added that the firm had argued with him that its operations “were super clean and audited.”

Ram Ahluwalia, the CEO of Lumida Wealth, added that he had called out “Nexo’s nonsense back in June and on Laura Shin’s podcast.” 

Meanwhile, several others urged the lender’s clients to withdraw their assets from the platform.

CryptoSlate’s data shows that Nexo’s native token declined by 1.45% to $0.71 as of press time.

Nexo’s co-founder and managing partner Antoni Trenchev described news of its investigation as “absurd.”

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