NEXO risks 50% drop due to regulatory pressure and investor concerns
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....
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The crypto community chose to link the funds' withdrawal with Nexo's insolvency rumors due to the wallet's name — Nexo: 0x8fd. Just a few days after market analysts predicted a 50% drop in NEXO price due to regulatory pressure and investor concerns, a crypto wallet address labeled as NEXO 0x8fd withdrew 7,758.8 Wrapped Bitcoin (WBTC) — roughly worth $153M — from MakerDAO.On Sept. 26, regulators from eight U.S. states filed a cease-and-desist order against Nexo under the allegations of offering unregistered securities to investors without warning. Moreover, Kentucky regulators accused Nexo....
Crypto lending firm Nexo is facing a class-action lawsuit filed by an XRP investor for “unlawfully” suspending the use of the cryptocurrency as collateral without giving notice to clients and subsequently liquidating the tokens. This happened following the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Ripple and its executives. Nexo Sued for Suspension and Liquidation of XRP An XRP investor, Junhan Jeong, has filed a class-action lawsuit against Nexo Financial LLC, Nexo Financial Services Ltd., Nexo Services Ou, Nexo AG, and Nexo Capital Inc.....
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.....
NEXO was up by nearly 50% on Friday, as markets reacted to the news that Binance was listing the token on its platform. Today’s surge sent NEXO to a multi-week high, while TRON also moved higher, hitting a one week peak.
NEXO
Two weeks after announcing a partnership with Mastercard to launch the world’s first “crypto-backed” payment card, NEXO today achieved another milestone.
Binance confirmed that it will be adding the token to its platform, and this news was well received by markets.
NEXO/USD rose by nearly 50% during....
On December 16, the blockchain-based lending platform Nexo announced the firm has launched a non-fungible token (NFT) lending desk. While the company offered crypto-backed loans using tokens like bitcoin and ethereum for instant funds, Nexo is offering instant liquidity to NFT holders that don’t want to sell their NFTs.
Nexo to Offer Loans for Bored Ape and Cryptopunks NFT Collateral
NFTs have become a big deal in 2021 and a billion-dollar industry almost overnight. Popular collections like the Bored Ape Yacht Club (BAYC), Cryptopunks, and Meebits have sold for hundreds....