PSA: Don’t use the Nexo card. Nexo advertised 90% LTV then today silently altered it to 0.01% and locked $1000+ as collateral for a $2 card purchase (then deleted my post in r/Nexo)

This is almost definitely temporary because of the USDC “crisis”.

The reason why they give you 90c/USDC is because it was, at that point, actually worth that.

This of course should’ve been communicated but I can understand them jumping in to derisk (and possibly save their whole business) before writing an email.5

PSA: Dont use depegged stablecoins, businesses dont like them. FTFY.

I thought Nexo was close to fall some month ago, I’m not trusting any lending platform since the Terra fall and following sh*twave.

What’s ltv?

Not giving notice is fishy for sure, but wouldn’t the situation be solved by repaying the 2 dollar “loan”?. And it’s not like you are at risk of liquidation because that would only happen if USDC completely collapsed to under 1% anyway. And as such, you’d be fucked anyway. They’d only liquidate the 1000 USDC if it was worth less than your 2 dollars.

This is effectively telling their customers don’t use USDC as collateral for the foreseeable future. If you don’t like it, pay off the collateral at 1000-1 prices which should be very easy to do.

Wow, that’s terrible customer service from Nexo

Nexo is next

didn’t they get raided a month ago for involvement in organized crime?.. thought they were out of business by now

Seems like Nexo might have a big announcement on Monday…

Love you making sure to get this out there 🤝

Killer analogy with the mosquitoes. They just destroyed their reputation, I will never use their service.

Sloppy job Simeon

https://cointelegraph.com/news/nexo-finance-accused-of-being-behind-zeus-capital-and-chainlink-short/amp

i think people here use nexo maybe its time to stop, after celsious i dont trust this platforms at all

Damn sounds fishy as fuck

Shady shit

Well that’s some shit right there. Sorry, and thanks for getting the word out, brother.

I’m surprised nexo is still alive personally. I thought they went down a while ago. I guess i lump all these high apy unsustainable plays together.

You should use nagapay. You only have to hold 10k $NGC and you have a 5% cashback. 10k$NGC is like 400usd.

I always thought Nexo was shady and should have gone down with Celsius and Voyager

Just use a real credit card next time. Lots of cards offering 3% cash back on coffee and dining out.

I had to quit using them when they pretty much pulled out of the US because of the SEC. Was nice getting that interest on every coin while it lasted though.

You should use Celsius or Blockfi instead!

I don’t have any USDC in my portfolio but the LTV of all my other assets in Nexo look normal. Not that I have much in there. Looks more like a reaction to the current market situtation. They should have communicated that though.

It’s this type of stuff that can lead to bank runs and destroyed businesses and lives, in fearful times. Be careful with how you phrase things.

NEXO is a Ponzi scheme, get your money off in general you fool, this isn’t even a secret at this point, you are riding a ticking time bomb.