Just days after market analysts predicted a 50% drop in NEXO value due to regulatory pressure and investor concerns, a crypto wallet address labeled NEXO 0x8fd withdrew 7,758.8 wrapped bitcoins (WBTC) from MakerDAO worth about $153M.
On September 26, regulators in eight US states filed a cease-and-desist order against Nexo for allegedly offering unregistered securities to investors without warning. Additionally, Kentucky regulators charged Nexo with bankruptcy due to over-liability of assets when it dropped Nexo.