NEXO price drops 40% in three days on contagion fears from 'insolvent' crypto...
Nexo says it currently has no exposure to Three Arrows Capital and has 100% liquidity to meet its debt obligations. The price of Nexo (NEXO) continued to fall on June 15 as crypto lending firms continue to be shaken by the falling cryptocurrency market.Meanwhile, Nexo has denied rumors of exposure to Three Arrows Capital (3AC), a Dubai-based crypto fund facing insolvency risks.NEXO price suffers on DeFi contagion fears NEXO, which serves as a security token at a cryptocurrency lending platform of the same name, fell nearly 25% to $0.61 a unit, its lowest price reading since January 2021.....
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With the closing of withdrawals at Celsius and the news of Three Arrows Capital being insolvent, it is more important than ever to hold your own keys.
Analysts fear NEXO price could come under pressure if regulatory action in the United States begins to intensify. Crypto lending firm Nexo is at risk of losing half of the valuation of its native token by the end of 2022 as doubts about its potential insolvency grow in the market.Is Nexo too centralized?For the unversed: Eight U.S. states filed a cease-and-desist order against Nexo on Sep. 26, alleging that the firm offers unregistered securities to investors without alerting them about the risks of the financial products. In particular, regulators in Kentucky accused Nexo of being....
Coinbase allayed fears of its clients in the face of worries that it might have been affected by a development that made the crypto space lose all of its gains since it rallied back in October 25. On Tuesday, the price of shares of the cryptocurrency exchange platform declined by 10.78% as it settled to […]
Nexo platform could rescue Celsius' customers after “what appears to be the insolvency of the Celsius Network.” There’s a glimmer of hope for the bear market’s most recent victim. Following reports that Celsius is insolvent, Nexo is offering a buy-out. A Nexo representative told Cointelegraph that Nexo is trying to do the “right thing” as they are “mindful of the repercussions for retail investors & the crypto community.”Celsius suspended all network withdrawals on Monday; users are not able to access their funds. In an open letter, Nexo has extended a formal offer to acquire qualifying....
The firm withdrew its remaining balance from FTX at the 11th hour and topped weekly fund outflows from the troubled exchange. According to a Nov. 8 tweet, crypto lender Nexo currently has net zero exposure to the ongoing crisis embroiling cryptocurrency exchange FTX and crypto trading firm Alameda Research. Nexo also explained that it withdrew its entire balance of funds from FTX within “the past few days.” Alex Svanevik, CEO of blockchain analytics platform Nansen, confirmed the story, providing data showing that Nexo withdrew over $219 million from FTX between Nov. 1 and Nov. 8. This....