After the offices of crypto lender Nexo were raided in Bulgaria, the digital currency lending platform experienced a significant amount of withdrawals starting Jan. 12, 2023. An archived snapshot of Nexo’s real-time attestation shows that the company held 133,263 bitcoin on that day. As of Jan. 13, 2023, Nexo’s attestation indicates that the company now holds 124,939 bitcoin, with $157.21 million worth of bitcoin having been withdrawn during the past 24 hours.
Last year, a number of exchanges experienced withdrawal stress tests, and after Nexo‘s office raid on Thursday, the crypto lender is dealing with similar issues. Reports on Jan. 12, 2023, disclosed that Nexo is under investigation by Bulgaria’s attorney general and roughly 300 investigators from various agencies. The company is accused of violating tax requirements, participating in money laundering, and bypassing financial sanctions associated with the Russian Federation.
Nexo has denied any wrongdoing and immediately issued a statement on Twitter to the community that the company adheres to “very stringent anti-money laundering and know-your-customer policies.” Following the incident, the company has seen a flurry of withdrawals according to its real-time attestation website. For example, on Jan. 3, 2023, Nexo held around 134,203 bitcoin, valued at $2.5 billion using current BTC exchange rates. By Jan. 12, 2023, the crypto lender’s BTC stash had decreased to 133,263 bitcoin.
Twenty-four hours later, on Friday, Jan. 13, 2023, Nexo’s BTC stash had decreased by 8,324 BTC to the current level of 124,939 BTC. This means that using current BTC exchange rates, $157.21 million was withdrawn from Nexo’s cache of bitcoin. Nexo’s withdrawals follow a number of other exchanges that have experienced large withdrawals in a short period of time. After the collapse of FTX, users withdrew a significant amount of digital assets from exchanges such as Binance, Kucoin, and Crypto.com.
It is unclear what will happen with the case against Nexo in Bulgaria, but with the rate of withdrawals over the past day, it appears customers are concerned. When speaking with The Block’s reporter Yogita Khatri, Nexo’s co-founder Antoni Trenchev said the withdrawals represented only 2% of the company’s assets under management (AUM). “Nexo can confirm that all systems are up and running and everything is being processed in real-time as always,” Trenchev told Khatri on Friday. “Activity is orders of magnitude smaller than post-Celsius and post-FTX,” the Nexo executive added.
What are your thoughts on the recent withdrawals from Nexo and the ongoing investigation in Bulgaria? Share your opinions in the comments below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: FellowNeko / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.
After the offices of crypto lender Nexo were raided in Bulgaria, the digital currency lending platform experienced a significant amount of withdrawals starting Jan. 12, 2023. An archived snapshot of Nexo’s real-time attestation shows that the company held 133,263 bitcoin on that day. As of Jan. 13, 2023, Nexo’s attestation indicates that the company now holds 124,939 bitcoin, with $157.21 million worth of bitcoin having been withdrawn during the past 24 hours.
Last year, a number of exchanges experienced withdrawal stress tests, and after Nexo‘s office raid on Thursday, the crypto lender is dealing with similar issues. Reports on Jan. 12, 2023, disclosed that Nexo is under investigation by Bulgaria’s attorney general and roughly 300 investigators from various agencies. The company is accused of violating tax requirements, participating in money laundering, and bypassing financial sanctions associated with the Russian Federation.
Nexo has denied any wrongdoing and immediately issued a statement on Twitter to the community that the company adheres to “very stringent anti-money laundering and know-your-customer policies.” Following the incident, the company has seen a flurry of withdrawals according to its real-time attestation website. For example, on Jan. 3, 2023, Nexo held around 134,203 bitcoin, valued at $2.5 billion using current BTC exchange rates. By Jan. 12, 2023, the crypto lender’s BTC stash had decreased to 133,263 bitcoin.
Twenty-four hours later, on Friday, Jan. 13, 2023, Nexo’s BTC stash had decreased by 8,324 BTC to the current level of 124,939 BTC. This means that using current BTC exchange rates, $157.21 million was withdrawn from Nexo’s cache of bitcoin. Nexo’s withdrawals follow a number of other exchanges that have experienced large withdrawals in a short period of time. After the collapse of FTX, users withdrew a significant amount of digital assets from exchanges such as Binance, Kucoin, and Crypto.com.
It is unclear what will happen with the case against Nexo in Bulgaria, but with the rate of withdrawals over the past day, it appears customers are concerned. When speaking with The Block’s reporter Yogita Khatri, Nexo’s co-founder Antoni Trenchev said the withdrawals represented only 2% of the company’s assets under management (AUM). “Nexo can confirm that all systems are up and running and everything is being processed in real-time as always,” Trenchev told Khatri on Friday. “Activity is orders of magnitude smaller than post-Celsius and post-FTX,” the Nexo executive added.
What are your thoughts on the recent withdrawals from Nexo and the ongoing investigation in Bulgaria? Share your opinions in the comments below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: FellowNeko / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.
Shiba inu was one of Friday’s biggest gainers, as the meme coin raced to a six-week high. The move came as the global cryptocurrency market cap surged, as U.S. inflationary pressures continued to cool off. Ethereum classic was also in the green, with price hitting a two-month high.
Shiba inu (SHIB) was one of Friday’s notable movers, as the meme coin moved to a six-week high.
Following a low of $0.000009227 on Thursday, SHIB/USD raced to an intraday peak of $0.000009711 earlier in today’s session.
As a result of today’s surge, the meme coin hit its highest point since December 5, when it traded as high as $0.00001016.
Looking at the chart, the move came as shiba inu climbed beyond a ceiling at the $0.00000945 mark.
In addition to this, the 14-day relative strength index (RSI) moved past a ceiling of its own at 68.00.
As of writing, the index is tracking at 71.74, which is deep in overbought territory.
Ethereum classic (ETC) was another big gainer in today’s session, with prices moving closer to a two-month high.
ETC/USD rose to a high of $21.76 earlier in the day, less than 24 hours after hitting a bottom at $20.02.
This move pushed the token to its strongest level since November 10, when ETC hit a resistance of $23.00.
As can be seen from the chart, bulls appear to be attempting to take ethereum classic back to this point, if recent bullish momentum can be sustained.
This will likely be made difficult by a resistance level of 67.00 on the RSI, which hasn’t been broken since last August.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect to see ethereum classic hit $23.00 in the coming days? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Fidelity Investments Launches Crypto, Metaverse ETFs — Says 'We Continue to See Demand'
Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. "We continue to see demand, particularly from young investors, for access ... read more.
Source From : News