Based on a Nov. 8 tweet, crypto lender Nexo presently has internet zero publicity to the continued disaster embroiling cryptocurrency trade FTX and crypto buying and selling agency Alameda Analysis. Nexo additionally defined that it withdrew its whole stability of funds from FTX inside “the previous few days.”
Alex Svanevik, CEO of blockchain analytics platform Nansen, confirmed the story, offering information exhibiting 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 previously week.
The agency seems to have dodged a significant bullet, as on Nov. 8, FTX introduced that it could halt all non-fiat client withdrawals. Persevering with with its evaluation of the scenario, Nexo mentioned that it had a small mortgage to Alameda Analysis representing lower than 0.5% of its belongings. The mortgage was absolutely collateralized by digital belongings, which Nexo mentioned had been offered on Nov. 6. Based on the agency, the commerce resulted in “100% principal restoration and $0 losses for the corporate.”
.@Nexo has $0 internet publicity to FTX/Alameda.
As a conservative establishment with stringent threat controls @Nexo has safeguarded *all* funds by withdrawing its whole balances from the trade over the previous few days, as evidenced by on-chain information:https://t.co/py8fzBDKbP
1/— Nexo (@Nexo) November 8, 2022
Nexo has up to now sidestepped main industrywide threat occasions this yr, together with the collapse of Terra, hedge fund Three Arrows Capital and crypto lender Celsius. Based on a real-time audit of the agency’s custodied belongings, Nexo presently has greater than $3.4 billion in client liabilities, with a collateralization ratio of greater than 100%, making them absolutely 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.
