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Monday, August 8, 2022
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    HomeDEFICrypto Lender Nexo Denies Fraud, Issues Cease And Desist Notice

    Crypto Lender Nexo Denies Fraud, Issues Cease And Desist Notice

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    Nexo on Sunday dismissed latest allegations of fraud in opposition to the crypto lender, calling them “faux information.” The agency additionally issued a “Stop and Desist” discover on its web site.

    Nexo’s response was directed at Twitter consumer @otteroooo, who over the weekend made allegations of fraud in opposition to Nexo and its founders. Otteroooo alleged that Nexo’s founders had funneled illicit funds into the agency from a Bulgarian charity.

    In a blog post, the agency known as the accusations an apparent “smear marketing campaign,” and famous a number of inconsistencies in Otteroooo’s accusations.

    However Nexo was criticized on social media over publicly posting the cease and desist notice. The crypto lender’s native token, NEXO, fell about 5% to $0.6782 previously 24 hours.

    Nexo denies fraud, reiterates monetary stability

    The crypto lender denied any hyperlinks to the alleged Bulgarian charity, and mentioned Otteroooo’s allegations have been seemingly motivated by monetary acquire. It acknowledged that its funds have been so as, and that it was at no threat of

    Nexo mentioned that the allegations supposed to capitalize on a severely weakened market, and have been seemingly motivated by merchants with quick positions.

    Otteroooo’s allegations come amid troubled instances for crypto lenders, after a liquidity crunch dented the operations of a number of gamers.

    Celsius and Babel Finance not too long ago suspended withdrawals, with the previous likely to file for bankruptcy. Peer BlockFi received a $250 million bailout from FTX, as did Voyager Digital. Each lenders have been uncovered to the latest Three Arrows Capital meltdown.

    Nexo had not too long ago offered to buy Celsius’ remaining assets. Experiences mentioned the agency plans to additional consolidate the crypto market with extra acquisitions.

    Twitter questions stop and desist weblog put up

    Whereas a number of Twitter customers famous that inconsistencies in Otteroooo’s allegations meant the thread was seemingly false, others speculated over Nexo’s approach to the allegations.

    Customers specifically questioned the necessity to post such a notice publicly, and whether or not the agency is trying to cover up a greater issue.

    With greater than 5 years of expertise masking world monetary markets, Ambar intends to leverage this data in direction of the quickly increasing world of crypto and DeFi. His curiosity lies mainly to find how geopolitical developments can affect crypto markets, and what that would imply to your bitcoin holdings. When he is not trawling by means of the online for the most recent breaking information, you could find him enjoying videogames or watching Seinfeld reruns.
    You’ll be able to attain him at [email protected]

    The offered content material might embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty to your private monetary loss.





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