In response to a Nov. 8 tweet, crypto lender Nexo at the moment has web zero publicity to the continued disaster embroiling cryptocurrency alternate FTX and crypto buying and selling agency Alameda Analysis. Nexo additionally defined that it withdrew its total stability of funds from FTX inside “the previous few days.”
Alex Svanevik, CEO of blockchain analytics platform Nansen, confirmed the story, offering information displaying that Nexo withdrew over $219 million from FTX between Nov. 1 and Nov. 8. This additionally ranks Nexo as the highest entity for funds outflow prior to now week.
The agency seems to have dodged a serious bullet, as on Nov. 8, FTX introduced that it could halt all non-fiat client withdrawals. Persevering with with its evaluation of the state of affairs, Nexo stated that it had a small mortgage to Alameda Analysis representing lower than 0.5% of its belongings. The mortgage was totally collateralized by digital belongings, which Nexo stated have been offered on Nov. 6. In response to the agency, the commerce resulted in “100% principal restoration and $0 losses for the corporate.”
.@Nexo has $0 web publicity to FTX/Alameda.
As a conservative establishment with stringent threat controls @Nexo has safeguarded *all* funds by withdrawing its total balances from the alternate over the previous few days, as evidenced by on-chain information:https://t.co/py8fzBDKbP
1/— Nexo (@Nexo) November 8, 2022
Nexo has to date sidestepped main industrywide threat occasions this yr, together with the collapse of Terra, hedge fund Three Arrows Capital and crypto lender Celsius. In response to a real-time audit of the agency’s custodied belongings, Nexo at the moment has greater than $3.4 billion in client liabilities, with a collateralization ratio of greater than 100%, making them totally backed by Nexo’s belongings. The numbers are attested by United States accounting agency Armanino LLP, which is an auditor licensed by the Public Firm Accounting Oversight Board.
