Nexo threatens legal action against anonymous Twitter account


Crypto lender Nexo has issued a cease and desist letter in an effort to silence an anonymous Twitter account.

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The account, which styles itself in the third person as ‘Otter,’ published a series of tweets on June 26 claiming that Nexo’s co-founders had stolen funds from a charity. The tweets have generated thousands of likes and retweets.

Later the same day, Nexo published two items on its website — one of them a cease and desist letter taking aim at the Twitter account, the other a blog post that seeks to debunk some of the claims made by Otter.

The exchange comes at a moment of high tension for crypto lenders. Several large lending firms — notably Celsius and Babel — have halted withdrawals. Rival lender BlockFi got a $250 million bailout in the form of a revolving credit facility from FTX, the exchange, on June 21.

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Nexo, which offers interest rates of 18% on crypto holdings, claims to serve more than four million customers. It has over $12 billion in assets, according to its website.

About Author

Ryan is The Block’s fintech editor. Before joining he worked at Financial News, and has also written for the likes of Wired, Sifted and AltFi.




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