⚠️Was It An Inside Job?⚠️ (The Fall Of NEXO)

The growth and popularity of DeFi has been a major driving force in the cryptocurrency industry. New financial tools like yield farming and liquidity pools are helping crypto natives stuff their bags. But there is a darkside to all of this. Bad actors have taken advantage of some of these crypto systems and now their house of cards is falling apart. Today we’re talking about DeFi platform Nexo, which was founded in 2017 to offer financial services like high-yield savings accounts for cryptocurrencies, crypto-backed loans, and even debit cards. But Nexo has fallen apart and the police are raiding their offices. How did it get to that point and is anyone going to get their money back from Nexo?

0:00 Intro
0:54 Nexo Raid
2:56 Nexo's Ties
3:34 Leaked Email
5:39 Fall of Nexo
8:56 The Problem
11:25 Conclusion

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All of our videos are strictly personal opinions. Please make sure to do your own research. Never take one person's opinion for financial guidance. There are multiple strategies and not all strategies fit all people. Our videos ARE NOT financial advice. Digital Assets are highly volatile and carry a considerable amount of risk. Only use exchanges for trading digital assets. Never keep your entire portfolio on an exchange.

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[konraddobson]

Nexo has always been trustworthy and reliable. Great customer service too. They should leave Bulgaria though. Irresponsible to put this out with a title like this tbh, especially given the old news within. Disappointing.

[SHORESHUTTLEPITTSBURGH]

Nexo has already gotten the greenlight from the SEC. They've payed their "fine". This is nothing but a false starter video. FTX was great though! Right?😂

[AlokRockwater]

Very disappointed with this FUD piece on NEXO based on old news! They have tried their best to be compliant and it's the US government that is refusing to work with them and instead take them to court! I have been using NEXO since inception and see them as one of the crypto banks that will come out on top.

[Azuriak]

I'm usually on a similar page as the Bitboy crew, But this, i am totally not! I have used Nexo as my main Crypto platform for Years, as an on/off ramp as a way to store and as an exchange and Never had any issue. Nexo is working fine to this date. But this video tries to imply that Nexo is done or not honoring withdraws when Ben says will Nexo users get their money... as if funds are frozen.... They are not its working perfectly. You disappointed me with this FUD

[jeanfre]

Nexo hasn't fallen though??? like really please explain those words. Of all the CEFI platforms from 2022, NEXO is literally the only one remaining operational. Understandably CEFI introduces an additional layer of risk. For all their efforts, shouldn't they be applauded in some way instead of being 'pigeonholed' with the likes of Mashinsky and SBF? Do you know something we don't know?
What are you trying to get at?

[ondrej]

Been using them for 4 years with zero issues. Countless of withdrawals and deposits.

You seem like you have no idea what you are talking about man.

[spazzy]

Nexo has been fine for me. Got a loan the other day.
This video freaked me out so I went on Twitter and turns out this is all old news.
WTF is this video? Makes it seem like it happened today

[micha]

Nexo works fine for me so far, never had any issues with transactions. Response time of their customer support with a question about ordering the Nexo card was pretty fast. I wasn't shocked by the news even at the time they were still actual. After the FTX thing happened almost every platform was bombarded with FUD. Time will tell who runs a robust business model. Spreading the crypto portfolio between at least 4 or 5 different platforms is surely a better choice than trusting only one. (And losing the yield options for US customers was the kind protection from the SEC. 😝)

[Mortibabz]

The self-custodial Nexo Wallet avoids the problem of "not your keys"

[danthecameraman_K]

Actually one of the only and first exchanges to use real time audits.

[Evoke-bfuk]

I heard the sentence "is anyone going to get their money back from Nexo", then immediately freaked out because I just woke up. I used Nexo daily and never had a deposit or withdrawal issue. I would advise people not to buy any of the assets they can't withdraw there. Eg: No withdraw function for AVAX, which essentially makes any brought AVAX on there paper AVAX. I use Nexo to store fiat and then I convert to XRP and send it to another exchange to convert for any crypto I want

[cryptoshuttle]

So should we withdraw from Nexo?
They’ve been perfectly fine for me so far

[AllAboardCrypto]

I've been using Nexo everyday for almost 3 years, wasn't aware they have fallen or ever had any problems with them. This video makes no sense to me. And quiet frankly I'm dissapointed in you BitBoy

[ziggyds]

This video is false. Get your facts straight.
The 36% is on axs which is still a lot less then when you directly stake your axs directly.
Because you lost your assets betting on the wrong horse, does not mean they are al bad. Stop fudding.

[whatok]

Why does this video sound and look like you're being held at gunpoint and forced to read it lol? You also kind of exist to FUD. Nexo's doing great rn

[michaellikes]

36% interest on axs which they get from staking, Ben is just mad he lost it all on celsius which did undercollaterized loans unlike nexo

[Jess-tmej]

Everything he said is old and debunked, been using them for years now and this is not a good "review" at all...

[dwainangle]

It’s Sunday. Take a day off, looks like you just got up from a nap.

[Mackymcd]

wtf this scaremongering all about, no news about NEXO except normal business

[ivelingeorgiev]

In my country, the police are not corrupt, the whole parliament is. Years ago they confiscated 200k bitcoins and they disappeared, no one talks about them like they never happened.