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Wrapped Bitcoin Locked on MakerDAO Falls to 2022 Low After Nexo Withdraws Massive Amount of WBTC: Santiment

Blockchain analytics agency Santiment says that crypto lender Nexo has pulled an enormous portion of Wrapped Bitcoin (WBTC) off of decentralized finance (DeFi) platform MakerDAO following the agency’s authorized troubles with a number of state regulators.

Santiment says that Nexo’s large withdrawal from MakerDAO has taken practically half of all of the WBTC off of the platform and that extra “big moves” are probably developing.

WBTC is an ERC-20 token pegged to the price of Bitcoin (BTC) that enables customers to interact in DeFi actions with a Bitcoin-based asset on Ethereum (ETH).

“Nexo has made a big move, and likely plans to make more after pulling nearly 50% of the WBTC held in MakerDao. This has left $120M in WBTC remaining locked in CDPs (collateralized debt position). We will be monitoring for signs as to what Nexo plans to do with their free assets.”

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Source: Santiment/Twitter

Last week, state regulators in CaliforniaNew YorkWashingtonKentuckyVermontSouth CarolinaMaryland and Oklahoma made allegations that Nexo was violating securities legal guidelines with its Earn Interest Product (EIP).

Nexo stated that it had been working with regulators on the problem and that it not accommodates US accounts and balances for EIP for the reason that U.S. Securities and Exchange Commission (SEC) made its stance on crypto lending platforms’ interest-bearing accounts.

“We have been working with US federal and state regulators and understand their urge, given the current market turmoil and bankruptcies of companies offering similar products, to fulfill their mandates of investor protection by examining past behavior of providers of earn interest products.”

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Featured Image: Shutterstock/artshock

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