{"id":34626,"date":"2022-11-09T20:08:18","date_gmt":"2022-11-09T20:08:18","guid":{"rendered":"http:\/\/egrowonline.com\/?p=34626"},"modified":"2022-11-09T20:08:18","modified_gmt":"2022-11-09T20:08:18","slug":"nexo-dodges-219m-bullet-just-days-before-ftxs-solvency-crisis","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=34626","title":{"rendered":"Nexo dodges $219M bullet just days before FTX\u2019s solvency crisis"},"content":{"rendered":"<p> <br \/>\n<br \/><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvYmU1ZGE2ZTctYjJhMy00Nzk4LTg1YjEtZTZlNGJkMmI5OTY5LmpwZw==.jpg\" \/><\/p>\n<div data-v-4b69a2fe=\"\">\n<p>According to a Nov. 8 <a target=\"_blank\" href=\"https:\/\/twitter.com\/Nexo\/status\/1590068797284941829\" rel=\"noopener nofollow\">tweet<\/a>,\u00a0crypto lender Nexo currently has net zero exposure to the ongoing crisis embroiling cryptocurrency exchange FTX and crypto trading firm Alameda Research. Nexo also explained that it withdrew its entire balance of funds from FTX within \u201cthe past few days.\u201d <\/p>\n<p>Alex Svanevik, CEO of blockchain analytics platform Nansen, <a target=\"_blank\" href=\"https:\/\/twitter.com\/ASvanevik\/status\/1589972490549612544\" rel=\"noopener nofollow\">confirmed<\/a> the story, providing data\u00a0showing that Nexo withdrew over $219 million from FTX between Nov. 1 and Nov. 8. This also ranks Nexo as the top entity for funds outflow in the past week.<\/p>\n<p>The firm appears to have dodged a major bullet, as on Nov. 8, FTX announced that it would halt all non-fiat consumer withdrawals. Continuing with its assessment of the situation, Nexo said that it had a small loan to Alameda Research representing less than 0.5% of its assets. The loan was fully collateralized by digital assets, which Nexo said were sold on Nov. 6. According to the firm, the trade resulted in \u201c100% principal recovery and $0 losses for the company.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">.<a target=\"_blank\" href=\"https:\/\/twitter.com\/Nexo?ref_src=twsrc%5Etfw\" rel=\"noopener\">@Nexo<\/a> has $0 net exposure to FTX\/Alameda. <br \/>As a conservative institution with stringent risk controls <a target=\"_blank\" href=\"https:\/\/twitter.com\/Nexo?ref_src=twsrc%5Etfw\" rel=\"noopener\">@Nexo<\/a> has safeguarded *all* funds by withdrawing its entire balances from the exchange over the past few days, as evidenced by on-chain data:<a target=\"_blank\" href=\"https:\/\/t.co\/py8fzBDKbP\" rel=\"noopener\">https:\/\/t.co\/py8fzBDKbP<\/a> <br \/>1\/<\/p>\n<p>\u2014 Nexo (@Nexo) <a target=\"_blank\" href=\"https:\/\/twitter.com\/Nexo\/status\/1590068797284941829?ref_src=twsrc%5Etfw\" rel=\"noopener\">November 8, 2022<\/a><\/p><\/blockquote>\n<p>Nexo has thus far sidestepped major industrywide risk events this year, including the collapse of Terra, hedge fund Three Arrows Capital and crypto lender Celsius. According to a real-time audit of the firm\u2019s custodied assets, Nexo currently has more than $3.4 billion in consumer liabilities, with a collateralization ratio of more than 100%, making them fully backed by Nexo\u2019s assets. The numbers are attested by United States accounting firm Armanino LLP, which is an auditor certified by the Public Company Accounting Oversight Board.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/nexo-dodges-219m-bullet-just-days-before-ftx-s-solvency-crisis\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to a Nov. 8 tweet,\u00a0crypto lender Nexo currently has net zero exposure to the ongoing crisis embroiling cryptocurrency exchange FTX and crypto trading firm Alameda Research. Nexo also explained that it withdrew its entire balance of funds from FTX within \u201cthe past few days.\u201d Alex Svanevik, CEO of blockchain analytics platform Nansen, confirmed the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":34627,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[38],"tags":[12229,12230,3135,355,12228,11462,1899,12231],"class_list":["post-34626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-219m","tag-bullet","tag-crisis","tag-days","tag-dodges","tag-ftxs","tag-nexo","tag-solvency"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/11\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvYmU1ZGE2ZTctYjJhMy00Nzk4LTg1YjEtZTZlNGJkMmI5OTY5LmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/34626","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34626"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/34626\/revisions"}],"predecessor-version":[{"id":34628,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/34626\/revisions\/34628"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/34627"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34626"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}