Pic related.
They suddenly had a huge imbound transaction right after. The wallet “NEXO 2” is the wallet which user withdraw requests are taken from.
So it seems the plot has thickened. Anyone wanna help find where they got that mass of tokens from?
Thats the ETH address. You can see on the 13th it hit as low as 35k link and its plummeting since the “refill”
Other urls found in this thread:
etherscan.io
etherscan.io
zapper.fi
etherscan.io
etherscan.io
snowtrace.io
snowtrace.io
snowtrace.io
snowtrace.io
etherscan.io
etherscan.io
twitter.com
I withdrew my 13k linkies from Nexo to cold storage, I'm sorry frens
So why are people taking Link off the exchanges?
glad you got out, there will be linkies that are going to lose their stacks. I got 25k stinkers in cold wallet and i am never ever going to deposit it anywhere unless its official staking.
The whole point here is that NEXO are about to or already having a liquidity crisis. They are people going to do a desperate short on LINK to try cover withdrawals and for now likely borrowed LINK from somewhere/someone to cover the mass of withdrawals
none of these lending platforms and exchanges will be able to meet demand for link withdrawals when staking gets released, which could happen at any time. they've been operating with fractional reserves all this time, dumping the deposited link for other assets and farming with those, only swapping back to link if withdrawals exceeded their reserves. they don't physically have the link to cover everyone if everyone decided to withdraw right now. and this is before staking
Mate Nexo is already in trouble! Thats why they made a fake offer to buy Celsius as publicly as possible. They saw a sudden huge exodus of LINK and other coins and wanted to appear strong and slow it down.
They are in trouble already and seems like they are borrowing more and more to cover withdrawals, and attempted to short Link Again days ago to accumulate more and failed it
They had their largest IN transaction for over a year on the 16th after a mass withdrawal. This was likely to cover future withdrawals. It’s depleting very fast. They are in trouble. Get your fucking coins off there now
have a bump
Nexo sent 1.2 million LINK to Binance in the last 10 days from their 2.5 million LINK they previously had on AVAX for yield farming.
Here is the Binance deposit address:
etherscan.io
Yeah and it coincides with the sudden mass increase of users withdrawing their LINK. They probably thought they needed to short and then dump LINK to make tokens back to keep liquidity for withdrawals but it didnt seem to go well as we saw
I need to check again if this is the right wallet.
I started following the 2.5 million LINK from this Nexo account on Avalanche:
zapper.fi
When going through the previous address I see them withdrawing LINK from AAVE:
etherscan.io
here a withdrawal from AAVE for 575k LINK:
etherscan.io
I have checked a bunch they withdrew loads of their liquidity from Aave lately.
And the transaction that refilled the NEXO 2 wallet were all strange. It was swarm deposits of 100-200 LINK, loads from Blockfi, Binance and random wallets not touched for hundreds of days in some cases.
Thats their AAVE wallet
I can't find anything about binance or coinbase working with fractional reserves, give me some proof and I'll pull my 50k link
I remember coinbase and binance had a confirmed shared pool of LINK however im not really worried about them personally
so Nexo moved their LINK back from Benqi on AVAX 1 month ago
their wallet
snowtrace.io
transfer
snowtrace.io
another transfer
snowtrace.io
unwraped the token here through the AVAX -> ETH bridge
snowtrace.io
received the 2.5 million LINK on their ETH wallet 27 days ago
etherscan.io
and moved it to this wallet
0x6bb3f3935df17476d1ad861c71e40eeda216b159fa01acbd71d6af86230868ea
Wait, you actually think your 50K link stack just sits there in a centralised exchange with no one doing anything with it? lmao
They don't seem to have any aLINK left there:
etherscan.io
The had 2.4 million LINK 200 days ago on Aave and removed the lat 1.8 million in the last 40 days.
The real question is how many LINK their users deposited on the platform and what the liquidity hole really is.
Was Nexo bigger than Celsius?
Celsius seems to have something in the 10-11 million LINK when looking at some of their wallets.
Nexo having officially 10 million LINK tokens in custody is a possibility.
Maybe it's even more than that.