Nexo-labeled address withdraws $153 million in wrapped BTC from MakerDAO

The crypto community chose to link the withdrawal of funds to Nexo insolvency rumors due to the name of the wallet - Nexo: 0x8fd.

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Just days after market analysts predicted a 50% drop in NEXO's price due to regulatory pressure and investor concerns, a crypto wallet address labeled NEXO 0x8fd withdrew 7,758.8 Whitc wrapped (WBTC) - worth approximately $153 million - from MakerDAO.

On September 26, regulators in eight U.S. states filed a cease and desist order against Nexo on the pretext of offering unregistered securities to investors without warning. Additionally, Kentucky regulators charged Nexo with insolvency due to liabilities exceeding assets during Nexo's exclusion.

Subsequently, on September 30, 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 insolvency rumors is the name of the wallet - Nexo: 0x8fd.

MakerDAO details overview. Source: Peckshield

As shown above, Total Value Locked (TVL) on MakerDAO has suffered a 43.3% decline over the past year, which amounts to currently at $7.11 billion.

Overview of transaction details. Source: Peckshield

Transaction details show transfer of DAI tokens worth $50.1 million from Nexo: 0x8fd to null address (possibly burned address) through DSProxy. As shown in the screenshot above, the transaction hash also confirms the transaction...