Nexo says ‘real time audit’ error caused by technical malfunction, will be fixed soon
Nexo Rumors of bankruptcy circulated after the website stopped showing a real-time audit of assets and liabilities on November 16.
A Nexo rep told CryptoSlate that similar Oracle technical issues have occurred in the past and that they have already contacted Armanino regarding the malfunction.
“With such previous downtime for Armano real-time authentication, the issue was quickly resolved within a day.”
Real-time audit
On November 9, Nexo co-founder and managing partner Antoni Trenchev said on Twitter that the company is not involved with FTX. Trenchev also pointed out that Armanino’s real-time audit proves the company’s solvency.
Real-time auditing was first deployed in September 2021 Provides greater “transparency, security and peace of mind” for Nexo users.
Critics, however, argue that Armanino has no opinion on the company’s financial health, only that its assets outweigh its liabilities.
Fear of bankruptcy
Tweet from @VersusBTC It sparked speculation on Nov. 16. He noted that the latest report lacked Armanino’s testimony.Accompanying screen grabs show assets outweighing liabilities on Nov. 16. I was getting an error message that I couldn’t confirm.
BREAKING: NEXO REAL-TIME AUDIT IS BEING MAINTENANCED!
They typically publish a new audit every day at 2:00 AM (UTC).Not today! pic.twitter.com/0KnF8HrWdb
— Bitcoin vs. Gold (@VersusBtc) November 16, 2022
but, @NexoAngel1 commented that their audit partner, Armanino, was having a technical issue with their Oracle price feed and was receiving an error message. Once the issue is fixed, the certificate will become valid.
Partners are facing technical issues retrieving USD price data. As a result, today’s report showing Nexo’s assets exceeding its customers’ liabilities in real-time will be available after the issue is resolved. Thank you for your patience.
—NexoAngel I (@NexoAngel1) November 16, 2022
Nex Angels A Nexo community member who works directly with the company’s community engagement team.
Rumors of bankruptcy run rampant
The cryptocurrency community is on high alert after FTX announced its Chapter 11 bankruptcy on November 11th.
Billions of dollars in total assets have been lost, and confidence in cryptocurrencies is bottoming out. Moreover, given that FTX was widely regarded as a trustworthy company before filing for bankruptcy, and that the bankruptcy filing came shortly after the Terra implosion.
In response to concerns, surviving CeFi platforms have attempted to reassure users through various means, including voluntarily reporting evidence of reserves. Questions remain about the effectiveness of the practice.
See Sam Bankman-Fried, @Joshnomics He summed up the general sentiment by sarcastically saying that he should act irresponsibly and criminally in order to achieve crypto billionaire status.
So I finally understood what separated me from a crypto billionaire. as part of ‘liquidity’, you need to audit yourself and use the audit to cash out your stupid hf.
— Joshnomics (@joshnomics) November 8, 2022
