Nexo Knew Celsius Was in Trouble Before Lender’s Withdrawal Freeze

“As a major participant in the [over-the-counter] interbank digital asset markets, Nexo is naturally close to all that is happening in the space,” a Nexo spokesperson said. “From the publicly available on-chain data and client reports, it has been clear for some time that Celsius is having difficulties meeting the withdrawal obligations. From a risk management perspective, our findings have pointed to the unsustainability of Celsius.”