Nexo-tagged addresses withdraw $153 million in Wrapped BTC from MakerDAO

just a few days later Market analyst predicts NEXO price will drop 50% A crypto wallet address labeled NEXO 0x8fd withdrew 7,758.8 wrapped bitcoins (WBTC) — roughly $153 million — from MakerDAO due to regulatory pressure and investor concerns.

On September 26, the regulator Eight U.S. states issue cease and desist orders against Nexo Charges of offering unregistered securities to investors without warning. In addition, Kentucky regulators accused Nexo of going bankrupt for having more liabilities than assets when Nexo was excluded.

This followed, on September 30, when blockchain investigator Peckshield alerted the transfer of 7,758.8 WBTC from MakerDAO. One of the main reasons the crypto community chose to link the withdrawal of funds to Nexo’s bankruptcy rumors was the name of the wallet – Nexo: 0x8fd.

An overview of MakerDAO details.Source: Pecking Shield

As shown in the chart above, the total value locked (TVL) in MakerDAO has dropped by 43.3% over the past year and is now at $7.11 billion.

An overview of transaction details.Source: Pecking Shield

Transaction details show transfer wore $50.1M worth of tokens from Nexo: 0x8fd via DSProxy to an empty address (possibly a burn address). The transaction hash also confirmed the transfer of $153.2 million in WBTC, as shown in the image above.

Despite suspicions of wrongdoing by the crypto community, further investigations into the matter are ongoing.

Nexo has not responded to Cointelegraph’s request for comment.

related: Nexo ‘surprised’ by state regulator’s actions, co-founder says

Although the FUD is still going on, Nexo continues to expand its business. Most recently, on September 27, Nexo purchased a stake in Hulett Bancorp, the holding company that owns the federally chartered Summit National Bank.

The acquisition enables Nexo and its customers to open bank accounts with Summit National Bank. Additionally, Nexo’s retail and institutional customers outside the US will have access to asset-backed loans, card products, and custody and custody solutions offered through Summit.