{"id":16431,"date":"2023-01-13T18:22:57","date_gmt":"2023-01-13T18:22:57","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/nexo-bitcoin-withdrawals-surge-following-raid-of-bulgarian-offices-bitcoin-news\/"},"modified":"2023-01-13T18:22:57","modified_gmt":"2023-01-13T18:22:57","slug":"nexo-bitcoin-withdrawals-surge-following-raid-of-bulgarian-offices-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/nexo-bitcoin-withdrawals-surge-following-raid-of-bulgarian-offices-bitcoin-news\/","title":{"rendered":"Nexo Bitcoin Withdrawals Surge Following Raid of Bulgarian Offices \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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After the offices of crypto lender Nexo were raided in Bulgaria, the digital currency lending platform experienced a significant amount of withdrawals starting Jan. 12, 2023. An archived snapshot of Nexo\u2019s real-time attestation shows that the company held 133,263 bitcoin on that day. As of Jan. 13, 2023, Nexo\u2019s attestation indicates that the company now holds 124,939 bitcoin, with $157.21 million worth of bitcoin having been withdrawn during the past 24 hours.<\/strong><\/p>\n

Customers Withdraw $157 Million Worth of Bitcoin From Nexo\u2019s Platform in 24 Hours<\/h2>\n

Last year, a number of exchanges experienced withdrawal stress tests, and after Nexo<\/a>\u2018s office raid on Thursday, the crypto lender is dealing with similar issues. Reports<\/a> on Jan. 12, 2023, disclosed that Nexo is under investigation by Bulgaria\u2019s attorney general and roughly 300 investigators from various agencies. The company is accused of violating tax requirements, participating in money laundering, and bypassing financial sanctions associated with the Russian Federation.<\/p>\n

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Nexo\u2019s real-time attestation website.<\/figcaption><\/figure>\n

Nexo has denied any wrongdoing and immediately issued a statement on Twitter to the community that the company adheres to \u201cvery stringent anti-money laundering and know-your-customer policies.\u201d Following the incident, the company has seen a flurry of withdrawals according to its real-time attestation<\/a> website. For example, on Jan. 3, 2023<\/a>, Nexo held around 134,203 bitcoin, valued at $2.5 billion using current BTC<\/a> exchange rates. By Jan. 12, 2023, the crypto lender\u2019s BTC<\/a> stash had decreased to 133,263 bitcoin<\/a>.<\/p>\n

Twenty-four hours later, on Friday, Jan. 13, 2023, Nexo\u2019s BTC<\/a> stash had decreased by 8,324 BTC<\/a> to the current level of 124,939 BTC<\/a>. This means that using current BTC<\/a> exchange rates, $157.21 million was withdrawn from Nexo\u2019s cache of bitcoin. Nexo\u2019s withdrawals follow a number of other exchanges that have experienced large withdrawals in a short period of time. After the collapse of FTX, users withdrew a significant amount of digital assets from exchanges such as Binance<\/a>, Kucoin,<\/a> and Crypto.com<\/a>.<\/p>\n

It is unclear what will happen with the case against Nexo in Bulgaria, but with the rate of withdrawals over the past day, it appears customers are concerned. When speaking with The Block\u2019s reporter Yogita Khatri<\/a>, Nexo\u2019s co-founder Antoni Trenchev<\/a> said the withdrawals represented only 2% of the company\u2019s assets under management (AUM). \u201cNexo can confirm that all systems are up and running and everything is being processed in real-time as always,\u201d Trenchev told<\/a> Khatri on Friday. \u201cActivity is orders of magnitude smaller than post-Celsius and post-FTX,\u201d the Nexo executive added.<\/p>\n

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\nTags in this story
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Activity<\/a>, Assets<\/a>, Attorney General<\/a>, Bitcoin<\/a>, Bulgaria<\/a>, Bulgaria Offices<\/a>, Bulgaria Raid<\/a>, concern<\/a>, Crypto lender<\/a>, Crypto Lenders<\/a>, Customers<\/a>, denial<\/a>, Exchanges<\/a>, Executive<\/a>, Financial Sanctions<\/a>, Investigation<\/a>, magnitude<\/a>, Management<\/a>, Money Laundering<\/a>, Nexo<\/a>, post-Celsius<\/a>, post-FTX<\/a>, processing<\/a>, Raid<\/a>, real time<\/a>, real-time attestation<\/a>, Russian Federation<\/a>, Sofia Raid<\/a>, Stress Test<\/a>, systems<\/a>, tax violation<\/a>, withdrawal<\/a><\/div>\n<\/div>\n

What are your thoughts on the recent withdrawals from Nexo and the ongoing investigation in Bulgaria? Share your opinions in the comments below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: FellowNeko \/ Shutterstock.com<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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