After crypto lender Nexo’s offices were raided in Bulgaria, the digital currency lending platform experienced a significant amount of withdrawals from January 12, 2023. archived snapshot of real-time attests shows that the company held 133,263 bitcoins on that day; as of January 13, 2023, Nexo’s attests show that the company currently holds 124,939 bitcoins, and over the past 24 hours, 100 million 57.21 million dollars worth of bitcoin has been withdrawn.
Customers withdrew $157 million worth of bitcoin from Nexo’s platform in 24 hours
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Last year, a number of exchanges experienced withdrawal stress tests, and afterNexooffices were raided on Thursday, the crypto lender is dealing with similar issues. a report on January 12, 2023, indicated that Nexo was being investigated by Bulgaria’s attorney general and approximately 300 people from various agencies. investigators. The company is accused of violating taxation requirements, participating in money laundering, and circumventing financial sanctions related to the Russian Federation.
Nexo denied any wrongdoing and immediately issued a statement to the community via Twitter that the company adheres to a “very strict anti-money laundering and know your customer policy.” Following the incident, the company has seen a spate of withdrawals, according to theReal-Time Authenticationwebsite. For example, onJanuary 3, 2023Nexo held approximately 134,203 bitcoins, worth $2.5 billion using the currentexchange rate of BTCBy January 12, 2023, the crypto lender’sBTCstorage had reached 10 million bitcoins; the BTCstash had dwindled to133,263 bitcoins.
24 hours later, on Friday, January 13, 2023, Nexo’s stash ofBTChad decreased to133,263 bitcoinsBTChad decreased by 8,324BTChad decreased to 124,939BTClevel of BTC. This means that using the current exchange rate ofBTC, using the exchange rate of BTC, $157.21 million would have been withdrawn from Nexo’s bitcoin cash. Nexo’s withdrawal follows many other exchanges that have experienced large withdrawals in a short period of time. Following the collapse of the FTX, users withdrew significant amounts of digital assets from exchanges such as Binance, Kucoin, and Crypto.com.
It is unclear what will happen with the lawsuit against Nexo in Bulgaria, but based on withdrawal rates over the past day, customers appear to be concerned; in speaking with The Block reporterYogita Khatri, co-founder of Nexo, Antoni spoke with Antoni Trenchev, who stated that withdrawals represent only 2% of the company’s assets under management (AUM). Nexo can confirm that all systems are up and running and everything is being processed in real time as usual,” Trenchevtoldon Friday. told Khatri on Friday. The Nexo executive added, “Activity is an order of magnitude smaller than after Celsius or after FTX.”