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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.
Source: Arkham Intelligence
A breakdown of the transactions showed that Nexoâs 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.
Source: Arkham Intelligence
Meanwhile, Nexoâs real-time attestation by Armanino showed that its customerâs 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 âthe last of the shady centralized stakers (to) fall.â He added that the firm had argued with him that its operations âwere super clean and audited.â
Ram Ahluwalia, the CEO of Lumida Wealth, added that he had called out âNexoâs nonsense back in June and on Laura Shinâs podcast.âÂ
Meanwhile, several others urged the lenderâs clients to withdraw their assets from the platform.
CryptoSlateâs data shows that Nexoâs native token declined by 1.45% to $0.71 as of press time.
Nexoâs co-founder and managing partner Antoni Trenchev described news of its investigation as âabsurd.â
The post Nexo-linked addresses see outflows of nearly $9M amid rising FUD appeared first on CryptoSlate.
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