Nansen CEO, Alex Svanevik, tweeted, “New dashboard in beta: Exchange Flows. Wondering who's been withdrawing from FTX? Congrats, @Nexo, as #1 (or one of their customers).”
Following the ongoing FTX liquidity crisis, many firms and individuals have pulled their cryptocurrencies from the exchange.
Data from Coinglass shows that roughly about 20,000 Bitcoin have been withdrawn from FTX, reducing the crypto exchange’s Bitcoin balance by almost 100%.
In light of this, leading cryptocurrency lender, Nexo, has boasted of its $0 net exposure to the ongoing FTX crisis.
The company announced this in a Twitter post.
As a conservative institution that prioritizes risk controls, Nexo has been able to protect all funds by withdrawing its whole balances from FTX over the last few days.
The CEO of Nansen, Alex Svanevik, made this evident in the on-chain data he provided. He stated,
“New dashboard in beta: Exchange Flows. Wondering who's been withdrawing from FTX? Congrats, @Nexo, as #1 (or one of their customers).”
Nexo also stated that its small loan to Alameda (<0.5% of the company’s assets) was fully collateralized by digital assets and sold fully by the team a few days ago. So, this means 100% principal recovery and $0 losses for the company.
To further blow its trumpet, the lending firm reminded everyone that it is the only firm that has never restricted withdrawals or asked for financial help. Nexo stated that even in the past, it had $0 exposure to some insolvent crypto firms like Luna, Three Arrows Capital, Celsius, Babel, and Hodlnaut.
Nexo stated that its partnership with Armanino LLP offers a real-time audit of the company’s custodial assets. The audit showed that Nexo’s asset, which includes <10% of NEXO tokens, exceeded customer liabilities.
Finally, the lending company reminded everyone that Nexo is the right place to buy and sell crypto, borrow, earn peacefully and spend with the efficiency of its partnership with Mastercard.
