NEXO Price Drops by 40% In Three Days as Fear From Defi Contagion and Insolvency Crypto Fund Grows

Jun 15, 2022

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NEXO Price Drops by 40% In Three Days as Fear From Defi Contagion and Insolvency Crypto Fund Grows

Originally posted here.
By: Adewumi Victor

Overview

The price of Nexo (NEXO) kept falling on June 15 as crypto lending firms continued to be shaken by the crypto winter season. Nexo was speculated to be related to Three Arrows Capital (3AC), a Dubai-based crypto fund at risk of going insolvent. However, the company has denied the rumors of exposure to the company and has 100% liquidity to meet its debt obligations.

NEXO, a security token at a cryptocurrency lending platform bearing the same name, fell by almost 25% to $0.61 a unit, its lowest price valuation since January 2021. The decline experienced by …

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