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- Nexo, a crypto lending platform, has issued a cease and desist letter for threatening an anonymous Twitter account. Nexo is a blockchain-based lending platform that offers users instant loans.
- The anonymous user, who goes by the name Otter, has put allegations on the co-founders of Nexo and said that they have stolen money from a charity.
- Nexo has also published a blog post debunking some of the allegations levied by Otter.
An anonymous Twitter is threatened by a crypto lender, Nexo, who has issued a cease and desist letter.
The account owner, who calls themselves ‘Otter’ in a series of tweets, has alleged the co-founders of Nexo of stealing money from a charity. These tweets received thousands of likes and retweets.
In response, Nexo published two pieces of content on its website, a cease and desist letter as mentioned above to silence the anonymous Twitter account and a blog post that aims to demystify some of the allegations put by Otter, on the very same day.
A blockchain-based lending platform, Nexo offers users instant loans backed by crypto assets. Users get a loan in form of a stablecoin or a fiat currency on depositing an accepted token – XRP(XRP), Litecoin (LTC), Bitcoin (BTC), or Ether (ETH).
NEXO is the native token of Nexo. NEXO provides benefits such as an opportunity to interest payments on funds deposited and discounts on interest accumulated on loans. In addition, the holders of the token will receive dividends from Nexo’s profits.
At the time of writing, NEXO was trading at $0.688971 USD, down 3.38% in the last 24 hours.
Crypto lenders are already in a high tension phase when the allegations on the exchange are being levied. Babel and Celsius, among other major lending firms, have stopped their withdrawals. Meanwhile, on June 21, BlockFi, a rival lender, received a $250 million bailout in the form of a revolving credit facility from one of the leading exchanges, FTX.
Nexo has claimed to foster over four million customers. The lending platform offers 18% interest rates on crypto holdings. According to its website, it has more than $12 billion in assets.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
