Eight states file cease and desist order against the crypto platform Nexo.

[{"selector":"#anim-4bf4abfa-8e04-47c9-8417-2ef91bbd19a4","keyframes":{"opacity":[0,1]},"delay":100,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0594f645-7cda-488c-8d12-20ad2a8cd2d8","keyframes":{"transform":["translate3d(0px, 209.45627%, 0)","translate3d(0px, 0px, 0)"]},"delay":100,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] They claimed that Nexo offered interest earning accounts without registering the customers into their platform.

Without insight to these financial records, state regulators contend investors cannot make stated investment decisions.

[{"selector":"#anim-66018723-af21-41d8-b593-a7150a95d2ea","keyframes":[{"transform":"rotate(-540deg) scale(0.1)","opacity":0},{"transform":"none","opacity":1}],"delay":0,"duration":1000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both","iterations":1}]

The filings also claimed that Nexo mispresented the accounts and told the investors that they are a registered platform.

[{"selector":"#anim-5b1bf2e8-c426-49d9-a487-10d09a990260","keyframes":{"opacity":[0,1]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-42c1c5b1-1996-472d-980f-bb37983a6858","keyframes":{"transform":["translate3d(0px, -285.92592%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Nexo states that only one asset earns an interest rate at 36% without any advertisement.

[{"selector":"#anim-9e652de6-90f8-4457-b19d-86e6acc09d87","keyframes":{"transform":["translate3d(-110.78066%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-e6c6f60c-d366-4907-9d8b-151ae89a9836","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}]

[{"selector":"#anim-4312407b-3128-4522-a13e-75f2c74169fc","keyframes":[{"offset":0,"transform":"translate3d(0, -258.97119%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.29,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.45,"transform":"translate3d(0, -72.822698628%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.61,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.71,"transform":"translate3d(0, -24.757645764%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.8,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.85,"transform":"translate3d(0, -9.297065721%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.92,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.96,"transform":"translate3d(0, -4.039950564%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":1,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"}],"delay":0,"duration":1600,"fill":"both"}] It also tells that one popular coin, bitcoin also earns yield in single digit percentages.

Celsius which offered similar services filed for bankruptcy.

[{"selector":"#anim-ffbbc000-84cb-4d02-af65-89509a25e4ef","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-70efc4b3-5758-470c-98e5-955815b4e0bd","keyframes":{"transform":["translate3d(-115.9864%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

[{"selector":"#anim-c89601bc-ed9d-4482-b22f-9f3e3b44b008","keyframes":{"transform":["translate3d(-115.50632%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-d2bda4ed-e2de-42d8-9eff-487132de4d27","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] The terms and conditions of Nexo said the company could deploy customer assets at its "sole and absolute discretion."

In a statement, Nexo tried to differentiate it from other platforms that had run into financial issues.

[{"selector":"#anim-fe816d2e-dc68-4184-ba4c-9ddf518008ba","keyframes":{"transform":["translate3d(112.62458%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-b165807e-d016-4c9d-a172-ba1a0f8e6005","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] Medium Brush Stroke

According to studies, Nexo didnot involve themselves in any sort of uncollateralised loans.

[{"selector":"#anim-e0d8471f-e394-4c7b-8175-85f01ee04343","keyframes":{"transform":["translate3d(-115.53399%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-6a5e807e-56d7-4d91-8303-3380144fdadd","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] Check Out