Crypto lending platform Nexo says that its strong balance sheet means it can ride to the rescue to provide liquidity during the current market turmoil by acquiring the assets of struggling crypto firms. In a blog post, Nexo announced that it is currently receiving advice from banking giant Citigroup on how best to acquire the assets of insolvent crypto firms so that investors can regain access to blocked funds. Last week Antoni Trenchev, co-founder and managing partner at Nexo, told Bloomberg that the current crypto crash reminds him of the Panic of 1907 — where major Wall Street institutions were …

After one week of pausing user withdrawals, swaps and transfers, the firm said it was maintaining an open dialogue with regulators and officials and plans to continue working with them regarding this pause. Celsius has yet to comment on when the company is going to stabilize its operations. Celsius has also paused communications on Twitter Spaces and ask-me-anything (AMA) sessions “to focus on navigating these unprecedented challenges.” Although Celsius has refrained from communication, media and social media have been buzzing with news and speculation going on around the past, present and future of the company. One of the most interesting …

A week after the major American crypto lending platform Celsius had to freeze the withdrawal option for its users, European Central Bank (ECB) president Christine Lagarde voiced her conviction on the necessity of tighter scrutiny over this part of the crypto market. During a testimony before the European Parliament on Monday, Lagarde expressed her thoughts not only about the looming inflation in Europe and around the globe but also about the increasing activities of crypto-asset staking and lending. In Lagarde’s opinion, this trend demands additional regulatory efforts from the European Union. Referring to the major regulatory package making its way …

The Solana (SOL) whale that was subjected to the potential takeover by a recent Solend governance vote has gotten in touch with the lending protocol and moved $25 million worth of USD Coin (USDC) debt to Mango Markets. In a tweet, Solend shared that the whale has acted on the team’s suggestion to move its position across various lending protocols. The act reduces the utilization of USDC within Solend, allowing its users to withdraw their assets once more. USDC utilization has dropped from 100% to 98% meaning users can withdraw again pic.twitter.com/RRCkIbHv51 — Solend (we're hiring!) (@solendprotocol) June 21, 2022 …

The price of CEL, the native token of Celsius Network, has almost quadrupled since June 19 in what appears to be a frenzy stirred up by day traders. CEL price short squeeze CEL's price rose from $0.67 on June 19 to $1.59 on June 21, a 180% spike compared to the crypto market's 12.37% rise in the same period. Notably, the rally started after PlanC, an independent market analyst, announced a $20 million bounty for anyone who could prove that the Celsius Network suffered a coordinated attack at the hands of a third party, which prompted the crypto lending firm …

A week after it started its withdrawal freeze, crypto lending platform Celsius Network warned the community of a rise in fake social media accounts claiming to be affiliated with the company. In a blog post, the lending firm urged the community to be more vigilant, as there’s an increase in accounts that are “falsely purporting to be associated with Celsius.” In the same post, the firm announced that it will pause some of its communication channels, namely its Twitter Spaces and ask-me-anything (AMA) sessions, to focus on its ongoing liquidity and operations issues. Additionally, the firm has highlighted that it’s …

Hong Kong-based crypto lending firm Babel Finance has eased some of its immediate liquidity troubles by reaching debt repayments agreements with some of its counterparties. As previously reported, the firm issued a temporary suspension of redemptions and withdrawals from its products on Friday after citing “unusual liquidity pressures” in the current bear market. The company stated it was taking swift action to protect clients and communicate with “all related parties.” In an update posted on Monday, Babel Finance stated that it has since taken three steps to help ease its current liquidity situation. These include carrying out an emergency assessment …

The ongoing bear market on cryptocurrency markets is too harmful to industry lenders, but the concept of crypto lending can still survive the bloodbath, according to some industry experts. Cryptocurrency lending is a type of crypto service that allows borrowers to use their crypto assets as collateral to get loans in fiat currencies like the United States dollar or stablecoins like Tether (USDT). The practice allows users to get money without having to sell their coins and repay the loan at a later date. According to Josef Tětek, Bitcoin (BTC) analyst at the crypto cold wallet firm Trezor, crypto firms …

The price of Ethereum’s native token Ether (ETH) careened below $1,000 on June 18 as the ongoing sell-off in the crypto market continued into the weekend. Ether reached $975, its lowest level since January 2021, losing 80% of its value from its record high in November 2021. The decline appeared amid concerns about the Federal Reserve’s 75 basis points rate hike, a move that pushed both cryptocurrencies and stocks into a strong bear market. “The Federal Reserve has barely started raising rates, and for the record, they haven't sold anything on their balance sheet either,” noted Nick, an analyst at …

Hong Kong-based asset manager Babel Finance is the latest cryptocurrency lending firm experiencing some serious issues amid the ongoing market downturn. Babel Finance officially announced Friday a temporary suspension of redemptions and withdrawals from its products, citing “unusual liquidity pressures.” “Recently, the crypto market has seen major fluctuations, and some institutions in the industry have experienced conductive risk events,” the statement on Babel Finance's website reads. The firm said that it’s in close communication with “all related parties” on the matter and is doing its best to best protect its customers. “Babel Finance is taking action to best protect the …

Finblox, a crypto-staking platform backed by Three Arrows Capital (3AC) has paused reward distributions and tightened its withdrawal limits. Following this, community members expressed concerns over their assets, with some calling for transparency and bringing up decentralization. In a tweet, Finblox announced that the firm is assessing the effects of 3AC’s situation on its liquidity. While the firm does this, it highlighted, Finblox has paused its reward distribution for all of its users and lowered its monthly withdrawal limit to $1,500. Many of the platform’s users were disappointed with the news, sharing their frustrations about not being able to withdraw …

Securities regulators from five U.S. states have reportedly opened an investigation into crypto lending platform Celsius Network over its decision to suspend user withdrawals. According to a Thursday report from Reuters, Texas State Securities Board director of enforcement division Joseph Rotunda said regulators in Alabama, Kentucky, New Jersey, Texas and Washington began investigating Celsius after the platform announced it would be “pausing all withdrawals, swaps and transfers between accounts.” Rotunda reportedly called the investigation a “priority” for the Texas regulator and confirmed to Cointelegraph the enforcement division was "looking at the issue involving the frozen accounts." "I am very concerned …