Just some days after market analysts predicted a 50% drop in NEXO worth as a result of regulatory stress and investor considerations, a crypto pockets handle labeled as NEXO 0x8fd withdrew 7,758.8 Wrapped Bitcoin (WBTC) — roughly value $153M — from MakerDAO.

On Sept. 26, regulators from eight U.S. states filed a cease-and-desist order in opposition to Nexo below the allegations of providing unregistered securities to traders with out warning. Furthermore, Kentucky regulators accused Nexo of insolvency owing to liabilities exceeding belongings when excluding Nexo.

Following swimsuit, on Sept. 30, blockchain investigator Peckshield alerted the switch of seven,758.8 WBTC from MakerDAO. One of many predominant causes the crypto group selected to hyperlink the funds’ withdrawal with Nexo’s insolvency rumors is the identify of the pockets — Nexo: 0x8fd.

As proven above, the entire worth locked (TVL) on MakerDAO has suffered a decline of 43.3% over the previous yr, which presently stands at $7.11 billion.

Transaction particulars present the switch of DAI tokens value $50.1 million from Nexo: 0x8fd to a null handle (presumably a burn handle) by way of DSProxy. As highlighted within the above screenshot, the transaction hash additionally confirms the switch of $153.2 million in WBTC.

Want I had seen celsius shifting funds earlier than freezing my account … make your individual thoughts up what this implies https://t.co/JuQ2fXJIuS

— cryptochicca.eth (@CryptoChicca) September 30, 2022

Whereas the crypto group suspects wrongdoing, additional investigations on the matter are underway.

Nexo has not but responded to Cointelegraph’s request for remark.

Nexo ‘shocked’ by state regulators’ actions, says co-founder

Regardless of the continued FUD, Nexo continues to broaden its enterprise. Most not too long ago, on Sept. 27, Nexo bought a stake in Hulett Bancorp, a holding firm that owns a federally chartered Summit Nationwide Financial institution.

The acquisition permits Nexo and its clients to open financial institution accounts with Summit Nationwide Financial institution. As well as, Nexo’s retail and institutional shoppers based mostly out of the US will get entry to asset-back loans, card merchandise, and escrow and custodial options supplied by means of Summit.