Nexo invest 50K euro on this platform, secure?

[bubbledouble]

It’s money that has been sitting there for a while and I don’t want/need to move atm, because I don’t need it and I don’t want my good wallets to be polluted by a cex. Nexo offers a debit card btw.
The only conclusion to be drawn is that I preach what I teach
I am doing the same with crypto.com

So in other words, you can't be that worried about them running off with your money, as you’ve indicated to others asking in this thread, right?

Your posts about Nexo seem a bit contradictory?

 

[Mercury]

Your posts about Nexo seem a bit contradictory?

It's ok it's less than 1% of Johnny net worth

 

[JohnnyDoe]

So in other words, you can't be that worried about them running off with your money, as you’ve indicated to others asking in this thread, right?

Your posts about Nexo seem a bit contradictory?

I’m not worried about them stealing the money, anyway I only leave on any exchange (cex or dex) or bank an amount that I can afford to lose.

 

[jafo]

TradFi, CeFi, and DeFi: The new FinTech frontier | Chainstack Blog

Navigate next-gen finance with TradFi, CeFi, and DeFi, bridging old and new for a future that is inclusive, transparent, and decentralized.

chainstack.com

DeFi is not safer than CeFi.

View attachment 7730

Crypto comes with risks, just DYOR and invest accordingly.

This reminds me of all the studies I had to read at University. Then, one day, some random stranger at Mango's told me, "Why don't you start by investigating who sponsored all those tobacco studies decades ago? After you are done, find out who clawed their way into the processed food industry?"

And like that, that MoFo disappeared like Batman! That was in the early '90s. My life was forever changed.

I would NOT believe ANYTHING that comes from Chainalysis! Their business model is to help "gang members under the ruse of government" to ROB people!
Does the "Thou shall NOT steal" mean anything anymore?

 

[clemens]

I’m not worried about them stealing the money, anyway I only leave on any exchange (cex or dex) or bank an amount that I can afford to lose.

You could donate some of them to OCT – I bet they'd make you the next King!

My personal opinion is that no matter how much money I had, I would never gamble with half a million dollars. It seems completely ridiculous to me and not something any businessman with a sense of money would do. But I guess we're all just different like that.

 

[JohnnyDoe]

You could donate some of them to OCT – I bet they'd make you the next King!

no worries, I have enough expenses, so they will end before Nexo closes down.

My personal opinion is that no matter how much money I had, I would never gamble with half a million dollars. It seems completely ridiculous to me and not something any businessman with a sense of money would do. But I guess we're all just different like that.

Unfortunately one is forced to gamble when he needs to deposit money with any kind of financial institution for some reason. Or when he needs to handle stablecoins. Key is to keep risk under control.

 

[bubbledouble]

no worries, I have enough expenses, so they will end before Nexo closes down.

Unfortunately one is forced to gamble when he needs to deposit money with any kind of financial institution for some reason. Or when he needs to handle stablecoins. Key is to keep risk under control.

That's very true. No money without ay risk.

 

[jesuschrist]

It’s one of the few survivors of the 2022 wipeout. I can’t tell any bad about it, but I have learned the hard way to never again lend out my crypto.

Very surprising that Nexo is still around, as it was considered the riskiest/shadiest lending company.
But it means nothing, as some went bankrupt a year after FTX and Celsius, probably there are still crypto companies out there that are still hiding their exposure.

 

[cryptofriendly]

I held more than 300K at Nexo at times, kept BTC at GROW app for 2 years for that sweet %6.5 APY on BTC.he
Cashed out of GROW as soon as the term was up, and never had any trouble with Nexo either.

That said, I lost some money in the LUNAtic DEFI that offered 19% interest on USD, though not as much as others, as I exited quickly enough.

IMHO Nexo should be ok for 3 months, but I would avoid keeping anything on exchanges, no matter if staked or not, from mid 2025. Let's call it 'claircognizance'.

 

[rentolfree]

Hey everyone, just sharing my 2 cents here!

a) Nexo remains one of the few survivors in the "crypto lending" space, while others like BlockFi and Celsius got wiped, badly! I give them credit for this.

b) Before obtaining its licenses, Nexo was initially backed by Credissimo, a Bulgarian "shark loan" company known for offering high-interest loans (EUR and BGN currencies). The founders of Credissimo started Nexo when they saw the opportunity in crypto.

c) Once Nexo secured its licenses, it distanced itself from Credissimo and was no longer "flying with its license".

d) Nexo initially offered dividends through its NEXO token, but since the SEC classifies that as a Security Token, they had to stop the practice and ended up paying a $45 million fine to the SEC. The token was then transformed into an "exchange token" where you earn higher interest if you chose to get paid by it.

SEC.gov | Nexo Agrees to Pay $45 Million in Penalties and Cease Unregistered Offering of Crypto Asset Lending Product

www.sec.gov

e) How does Nexo generate interest on your deposits? They engage in market making and other hedge fund activities across various exchanges, typically with small exposures of $1-3M on those platforms - they wont admit to this, but I know that they trade on crypto.com and Binance, so I would assume with confidence that they trade o other exchanges too.

f) What happens if one of these exchanges goes bankrupt? Nexo's funds could get stuck, which may impact users.

Bottom Line ------ Remember, unless you're using DeFi, most exchanges commingle user funds for hedge fund and MM activities to generate interest. Eventually its a risk that you are willing to take, or not willing to take.

Funny thing: NEXO sued the Bulgarian Government: https://www.reuters.com/technology/...lgaria-over-aborted-investigation-2024-01-24/

 

[wellington]

Was just completing some in-house keeping on a few charts, and came across the current yield for USDT loaned out on Aave and Nexo.

Aave is a decentralised non custodial lending protocol, one of the largest, current Yield is 2.91%
Nexo is a centralised custodial based lending protocol, current yield 11%

Brought back memories of FTX crew reaching out for funds (promising yield).

Something odd there, 11% in a centralised non-accessible - viewable counterparty arrangement v 2.91% in the open market.

 

[jesuschrist]

Was just completing some in-house keeping on a few charts, and came across the current yield for USDT loaned out on Aave and Nexo.

Aave is a decentralised non custodial lending protocol, one of the largest, current Yield is 2.91%
Nexo is a centralised custodial based lending protocol, current yield 11%

Brought back memories of FTX crew reaching out for funds (promising yield).

Something odd there, 11% in a centralised non-accessible - viewable counterparty arrangement v 2.91% in the open market.

I've never seen good yields on Aave, and the chance that Aave will mess up something in the next few years is very high even 20% doesn't worth it there imo.
Bug in a smart contract, a mistake during migrations, insider job, ... it can go bad in so many ways, 3% is a joke for this risk.

Sometimes Binance offers very high yield on USDT too, up to 25%, but only lasts for a few days until people get bored of futures trading.
11% for long term is different, maybe they are in trouble, people should stay away from Nexo.