Gone are the days of surreal interest rates and astronomical yields associated with crypto lending following the majestic collapse of Celsius.
During the bull market, crypto lending has become a popular way of earning passive income with idle crypto by giving loans to users through both centralized and decentralized platforms. However, the market went through a mandatory rite of passage when the TerraUSD (UST) depeg triggered a hemorrhage across lending platforms, forcing them to adopt more sustainable rates to stay in the competition.
After suffering the “crypto winter” in 2022, crypto lending platforms are back on stage —this time with realistic annual percentage yields (APY), more security measures and an overall better user experience. With Celsius being gone, the multibillion-dollar crypto lending market is shared by both CeFi and DeFi players who survived the 2022 onslaught.
This article focuses on the main features, supported assets, interest rates and the security and privacy aspects of two of the prominent centralized crypto lending platforms, Nexo and Ledn.
Main Features
Crypto lending platforms function similarly to how traditional loans work: They bring lenders and borrowers on board, giving yield for lenders who deposit their crypto funds to the platform and providing loans to borrowers in exchange for collateral.
Nexo, a Swiss-based crypto lending platform, differentiates itself by offering a vast selection of crypto assets through its lending and borrowing services. Nexo’s diverse range of services -all accessible through a user-friendly mobile app- enables users to instantly buy or exchange crypto, earn interest with deposited assets, or even request a physical card for crypto-friendly everyday payment thanks to a partnership with MasterCard.
With its tiered loyalty system tied to the NEXO token, the platform helps users get better interest rates the more they use its services. Nexo was founded in 2018, making it one of the oldest crypto lending platforms still operational. Boasting over 6 million users worldwide, Nexo operates in 200 jurisdictions worldwide, with 60+ cryptocurrencies available on the platform. It has strategic partnerships with a number of companies from the crypto and Web3 landscape, including Bakkt, Ledger, Paxos, Fireblocks and Circle.
Canada-based Ledn, also founded in 2018, makes its mark in the crypto lending game by primarily focusing on major cryptocurrencies and stablecoins. The platform is mainly known for Bitcoin-backed loans, where users can get USD by depositing BTC. It also offers interest for a limited number of crypto and stablecoins. The platform is backed by prominent investors, including 10T Holdings, Coinbase and Kingsway.
Account Types
Ledn features two different types of accounts for users. Ledn Growth account offers interest with up to 8.5% APY. Assets held in Growth accounts are ringfenced, meaning it’s financially separated from Ledn operations and only exposed to counterparties that generate the interest.
Ledn also offers a Transaction account, which is more focused on adding and withdrawing assets for other Ledn products, including Loans, Trade and transfers. It doesn’t bear any interest, and the assets are primarily held in cold storage. Ledn users can switch funds between Growth and Transaction accounts at any time.
Nexo lets users manage their funds with Nexo Wallet, a Web3 wallet with all the basic functionality of noncustodial digital asset storage. Aside from sending, receiving and managing crypto funds, Nexo Wallet also operates as the Web3 identity of a user for other blockchain-based dApps.
Along with the Nexo Wallet, there’s also the Nexo app, where the actual lending and interest features become available. It’s an all-in-one solution for users to lend and earn interest with automatic daily compound. A wide range of crypto assets is available on the Nexo app, with tiered interest rates going up to 16%.
Supported Assets
Nexo takes a win home when it comes to the diversity of supported assets. Both lenders and borrowers can use tens of crypto and fiat assets on the platform. Among 37 supported assets are the major cryptocurrencies, including Bitcoin, Ether, XRP, BNB and the platform’s own Nexo token. Users can also pick from major stablecoins such as USDT, USDC and BUSD, as well as fiat currencies, including USD, GBP and EUR, to generate interest.
Ledn takes a minimalistic approach in terms of supported assets by supporting Bitcoin, USDC and USDT. The platform only recently introduced an Ether Growth account in late September, raising the number of supported crypto assets to four.
Interest Rates
When it comes to crypto lending, interest rates make or break a platform. A harsh example was Celsius, which collapsed after promising unrealistic annual percentage yields.
As of December 4th, 2023, Ledn Growth accounts get 1% APY for Bitcoin and 2% APY for Ether, according to the official website. The crypto lending platform recently started offering 8.5% APY for the supported stablecoins —USDT and USDC.
Nexo presents more diverse options for users, starting with FLEX terms, where assets are unlocked for trading, selling or withdrawing anytime. If users lock their assets on the platform, agreeing on “fixed terms” of Nexo, they earn additional interest.
For stablecoins, the Base tier interest rates on Nexo start from 8-9%, with USDT holders getting up to 12%, and USDC terms enable a maximum interest of 10%. Bitcoin generates 3% (4% on fixed terms), and Ether offers 4% (5% on fixed terms).
The platform has a tiered list, going up to 16% for most assets on the Platinum tier. A full breakdown of Nexo interest rates can be found on the official page.
Security and Privacy
Crypto lending involves a lot of trust, especially after the Celsius crash, to operate effectively. Nexo outperforms the majority of the competition by upholding rigorous security and privacy standards, as implied by the platform’s SOC 2 Type 2 Compliance certification.
The audit, which focuses on addressing risks related to data handling and access, was carried out by major compliance and security partner A-LIGN, earning Nexo an American Institute of Certified Public Accountants (AICPA) Certificate. In simpler terms, the certificate means that Nexo is doing top work when it comes to protecting the sensitive information of users.
Custodial assets on Nexo are insured by Ledger Vault and the US-based fintech Bakkt. Aside from insurance, the platform ensures the safety of users by over-collateralization of assets, top-notch risk management and a comprehensive portfolio of licenses for maximum regulatory compliance.
Ledn’s main premise of security comes from supporting only four main types of cryptocurrencies, minimizing the “attack vector” in a sense. The platform works with institutional partners to check each borrower’s financial position. The official website says that Ledn doesn’t store client data on local servers, storing them in private networks instead.
While both platforms release periodical Proof-of-Reserve attestations, Nexo goes one step ahead with real-time PoR attestations in partnership with global accountant Moore.
Conclusion
Both Nexo and Ledn went through the ups and downs of the crypto lending market, and it’s clear that they speak for different audiences. Ledn offers a minimalistic user experience with only four supported crypto assets and a basic set of interest offerings.
Nexo, on the other hand, features the full range of crypto and fiat currencies and goes to great lengths to ensure an airtight infrastructure to keep users’ assets and personal information safe and secure. It also offers more utilities with the Exchange function and the Nexo Card, opening up the possibilities of using cryptocurrencies in everyday payments.
As competition brews between CeFi and DeFi lending in the crypto ecosystem, centralized platforms like Nexo and Ledn play the compliance game, winning back the users’ trust with their security measures and simplistic user experience.
Bybit, a leading crypto exchange and the world’s third-largest by volume, recently marked its fifth anniversary. The occasion was commemorated by co-founder and CEO Ben Zhou in a blog post, reflecting on the company’s journey and the broader crypto industry.
In his post titled “Bybit CEO Marks Crypto Ark’s Five-Year Voyage,” Zhou highlights the exchange’s key milestones over the past half-decade. He acknowledges the crypto market’s recovery following the challenges of 2022, attributing this resurgence to the unwavering efforts of industry participants.
2023 has been a significant year for Bybit, especially with the establishment of its Dubai headquarters. The company has also formed essential partnerships globally, including collaborations with the Dubai Multi Commodity Centre (DMCC) and the American University of Sharjah (AUS).
These alliances, along with others like the one with Oracle Red Bull Racing, have been instrumental in promoting Bybit’s vision of a blockchain-based financial system.
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Zhou stresses the importance of regulatory compliance in his message. Bybit has made strides in this area by securing licenses in Dubai, Kazakhstan, and Cyprus, underscoring its commitment to providing a secure trading environment for its users.
The anniversary also celebrates Bybit’s product innovations and industry accolades. The company introduced the Unified Trading Account and TradeGPT AI, which have been well-received in the market. Additionally, Bybit earned an ‘AA’ rating in the CCData Crypto Exchange Benchmark Report.
North Korean hackers have executed a stunning cryptocurrency heist, amassing a staggering $3 billion since 2017, with a substantial portion of that sum pilfered in the past year alone, reports United States cybersecurity firm, Recorded Future.
Their recent study unveiled that this stolen crypto haul is roughly equivalent to half of North Korea’s entire military budget for the year.
In a shocking revelation, Recorded Future disclosed that North Korean threat actors absconded with an estimated $1.7 billion worth of cryptocurrency in 2022 alone.
This astronomical figure is equivalent to approximately 5% of North Korea’s economy or a whopping 45% of its military expenditure.
What’s even more astonishing is that this stolen amount significantly outpaces the total annual income generated by the nation through exports.
To put it in perspective, the report emphasized that this heist is nearly ten times the value of North Korea’s exports in 2021, which amounted to a meager $182 million.
Initially, these North Korean hackers honed their skills by targeting South Korea’s cryptocurrency market, before strategically expanding their reach across the globe.
The backing of the North Korean government has played a pivotal role in the rapid escalation of this illicit operation.
The report highlighted that state support has enabled North Korean threat actors to conduct their operations on a scale that exceeds the capabilities of traditional cybercriminals.
In a related development, the U.S. Treasury’s Office of Foreign Assets Control imposed sanctions on the cryptocurrency mixer, Sinbad, accusing it of facilitating the laundering of funds for the North Korea-based Lazarus Group.
The situation has been exacerbated by a UN report, which revealed that cyber attacks in 2022 displayed unprecedented sophistication, making it increasingly challenging to trace the stolen funds.
Moreover, blockchain analytics firm Chainalysis has labeled these cybercriminal syndicates as the most “prolific cryptocurrency hackers” in recent years.
Notably, they found that North Korea-linked hackers have been rapidly transferring funds through crypto mixers such as Tornado Cash and Sinbad at a significantly higher rate compared to other criminal groups.
In summary, the audacious cryptocurrency thefts executed by North Korean hackers have not only shaken the global digital financial landscape but also underscored the challenges faced by authorities in combating these cybercriminals who operate with impunity.
KyberSwap has taken a proactive stance in the aftermath of a significant exploit on November 22nd, which inflicted a substantial $48.8 million loss upon the decentralized finance protocol.
To mitigate the impact on affected users, KyberSwap is introducing a grant initiative funded by its treasury.
This initiative aims to provide compensation equivalent to the USD value of the assets lost during the security breach, demonstrating KyberSwap’s unwavering commitment to its user community and platform security.
Although specific details and eligibility criteria for the grant are still in the works, KyberSwap has pledged to share additional information within a two-week timeframe.
Upon conducting investigations into the security breach, it was discovered that the vulnerability stemmed from tick interval boundaries within KyberSwap’s concentrated liquidity pools.
This weakness allowed an attacker to artificially manipulate liquidity, resulting in a significant depletion of funds.
Initially estimated at $47 million, the confirmed loss was later determined to be $48.8 million.
READ MORE: Bitcoin Surges to $39,000 Amidst Federal Reserve’s Policy Easing Hints
In a bid to recover the stolen assets, KyberSwap proposed a 10% reward for the wrongdoer but encountered unconventional responses instead of acceptance.
Remarkably, KyberSwap managed to successfully retrieve $4.7 million of the pilfered funds, which had been siphoned off by third-party MEV (Miner Extractable Value) bots during the hack.
This partial recovery, alongside the introduction of treasury grants, underscores KyberSwap’s proactive approach to addressing security breaches.
Furthermore, the incident has spurred a comprehensive review of KyberSwap’s security protocols, with the team fully committed to enhancing safeguards to thwart future exploits.
The provision of treasury grants in response to this crisis is a noteworthy step within the decentralized finance community.
It signifies a collective effort to rebuild trust and provide support to users affected by security breaches.
KyberSwap’s dedication to its users and its commitment to rectifying the situation exemplify the resilience and adaptability of the DeFi ecosystem in the face of challenges, ultimately striving for a safer and more secure financial environment for all participants.
On December 1st, Bitcoin surged to a remarkable milestone, reaching $39,000 for the first time since mid-2022.
This surge was triggered by the United States Federal Reserve’s signals of potential policy easing. Data from Cointelegraph Markets Pro and TradingView confirmed this surge, marking a new 19-month high for Bitcoin on Bitstamp.
The catalyst for this bullish movement was Federal Reserve Chair Jerome Powell’s scheduled appearance at Spelman College in Atlanta, Georgia.
Powell approached the stage with a cautious tone but made it clear that the Federal Open Market Committee (FOMC) was committed to reducing inflation to 2% over time and maintaining a restrictive policy until they were confident about achieving this objective.
Powell stated, “It would be premature to conclude with confidence that we have achieved a sufficiently restrictive stance, or to speculate on when policy might ease.”
Despite Powell’s caution, his comments on the state of the U.S. economy and efforts to curb inflation boosted risk asset sentiment.
Some analysts, like The Kobeissi Letter, remained skeptical about the Fed’s future actions, suggesting that the Fed would prefer a mild recession over the risk of inflation resurgence, implying a prolonged pause in policy adjustments.
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Bitcoin, however, seized the opportunity and reacted positively, in contrast to its relatively flat response to earlier U.S. macroeconomic data releases.
The next FOMC meeting, scheduled for mid-December, will be closely watched for any announcements regarding interest rate changes.
Market expectations, as of December 1st, heavily favored a pause in interest rate hikes according to CME Group’s FedWatch Tool.
In the Bitcoin market, trader Daan Crypto Trades highlighted the significant sell-side liquidity that played a role in the brief ascent to $39,000.
Keith Alan of Material Indicators shared an order book snapshot, revealing substantial resistance at $39,000 and $39,200, with notable buyer support at $38,000.
Traders and analysts in the crypto community expressed optimism about Bitcoin’s prospects.
BitQuant predicted a daily close above $38,000, which would be a powerful bullish signal, while Crypto Ed anticipated further upside potential, targeting at least $39,200 in the near term.
In summary, Bitcoin’s surge to $39,000 on December 1st was driven by the Federal Reserve’s signals of potential policy easing, despite Chairman Powell’s cautious remarks.
Market sentiment leaned towards a pause in interest rate hikes, and Bitcoin traders and analysts remained bullish on its future price prospects.
Executives from Binance, a prominent cryptocurrency exchange, are reported to have informed their top market makers about a potential $4.3 billion settlement with U.S. authorities before it was made public, according to a Bloomberg report published on December 1.
During an exclusive dinner held in Singapore in September, Binance traders were apparently given insight into a tentative agreement between the crypto exchange and U.S. officials, roughly two months ahead of the public announcement.
Some Binance executives allegedly reassured certain traders that the exchange had the financial capacity to cover the hefty $4.3 billion penalty and continue its operations.
Interestingly, Binance’s CEO at the time, Changpeng “CZ” Zhao, was not present at the event.
Instead, Richard Teng, who took over from Zhao after the settlement, was reported to be mingling with the guests. A Binance spokesperson disputed the accuracy of the portrayal of the VIP event but did not specify which aspects were incorrect.
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In September, as per Richard Teng’s posts on X (formerly Twitter), the former head of regional markets was indeed in Singapore for various events, including the Token2049 conference, the Milken Institute Asia Summit, the Singapore Grand Prix for Formula 1, and several side events.
Additionally, Cointelegraph was scheduled to release an exclusive interview with the Binance CEO on December 3 at 6:00 pm UTC.
As part of the settlement agreement, Binance is obligated to pay $4.3 billion to various U.S. authorities and regulators. Notably, CZ himself is personally responsible for paying $150 million to the U.S.
Commodity Futures Trading Commission. At the time of this report, CZ was still on bail in the U.S., awaiting a court decision regarding his request to return to the United Arab Emirates before his sentencing in February.
While the settlement largely resolves many of Binance’s legal issues in the U.S., Binance.US and CZ still face a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) in June.
Furthermore, a group of investors has initiated legal action against soccer star Cristiano Ronaldo for his involvement in promoting Binance nonfungible tokens (NFTs), which are alleged to be unregistered securities.
On November 30th, Bitcoin (BTC) displayed resilience in the face of fresh United States macroeconomic data, largely ignoring it as traders eagerly awaited the monthly closing figures.
Despite a recent failed breakout attempt, BTC prices remained in a narrow intraday range below $38,000, showing signs of stability.
The focus of market participants was on the Personal Consumption Expenditures (PCE) Index, the Federal Reserve’s favored gauge of inflation.
Hopes were high that the PCE Index would inject volatility into the market, but at the time of writing, it had not yet impacted the situation.
The data came in broadly in line with expectations, supporting the Fed’s monetary tightening stance and confirming a decline in inflation.
However, financial commentary from The Kobeissi Letter questioned whether this would lead to interest rate cuts, a critical consideration for risk assets.
Kobeissi Letter pointed to Bill Ackman, CEO of Pershing Square Capital Management, who had earlier predicted rate cuts starting in Q1 2024.
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The commentary emphasized the lag effect of monetary policy, cautioning against premature rate cuts by the Fed.
Despite the PCE data, market expectations for Fed policy remained unchanged, with data from CME Group’s FedWatch Tool indicating near-unanimous expectations of a rate hike pause in the coming month.
For Bitcoin enthusiasts, the focus was primarily on the monthly closing figures. At the time of writing, BTC/USD had posted nearly a 10% gain for November, marking the first positive performance in the 11th month since 2020.
A close above $37,660 would represent the highest monthly closing price since May 2022, a positive signal for the cryptocurrency.
Analysts also noted the bullish potential in Bitcoin’s Relative Strength Index (RSI) readings.
Traders like Jelle pointed out the formation of a hidden bullish divergence over the past month, with Bitcoin breaking its RSI downtrend.
The key focus was on whether the price could hold in the designated range, and the monthly close was eagerly awaited as the cryptocurrency market braced for potential movements.
In summary, despite macroeconomic data and Fed considerations, Bitcoin remained steady, with traders closely monitoring the monthly closing figures as the cryptocurrency aimed for positive gains in November and potential bullish momentum in the coming days.
As the frequency of cyberattacks and breaches continues to plague companies, cybersecurity experts have shared their insights on enhancing crypto security for digital asset firms and the broader cryptocurrency industry.
Before September 2023, the crypto space had already suffered nearly $1 billion in losses due to hacks, exploits, and scams.
Unfortunately, the fourth quarter of 2023 witnessed more unsettling incidents, such as the Poloniex exploit, resulting in digital asset losses exceeding $100 million, and the HECO Chain bridge hack, which led to losses exceeding $80 million.
Given the rising number of security incidents and the substantial losses incurred with each breach, it is evident that digital asset security in the crypto industry needs significant improvement.
Consequently, Cointelegraph sought the opinions of cybersecurity professionals on measures to prevent further incidents and bolster crypto security.
Ronghui Gu, the co-founder of blockchain security firm CertiK, expressed strong disapproval of the ongoing incidents caused by SIM-swap attacks and multisig failures, especially after previous incidents had brought attention to these security vulnerabilities.
Gu emphasized the importance of embracing crypto-native multifactor authentication and conducting regular security audits.
He stated, “We’re building highly functional, highly complicated technology, and it’s important to prioritize security, even in the face of incentives to prioritize speed over security.”
READ MORE: Submit Your PR to Cointelegraph
Christian Seifert, a researcher in residence at Forta Network and former security lead at Microsoft, concurred that security should be paramount.
He stressed the need for users to demand enhanced security measures and suggested that regulators should intervene if necessary to compel crypto projects to adopt more comprehensive security strategies.
Seifert argued that security audits alone are insufficient and called for a comprehensive security strategy encompassing secure design, monitoring, and threat prevention solutions.
Jerry Peng, a research analyst at Web3 analytics firm 0xScope, emphasized the necessity of gaining a deeper understanding of the origins and potential emergence of security threats.
This understanding would enable companies and individuals to detect patterns and connections exhibited by addresses involved in previous attacks.
Peng highlighted the role of crypto data analytics services in assisting investigators in preventing potential future hacks.
Ronghui Gu revealed that, according to CertiK’s data, hacks in 2023 alone had already inflicted losses of $1.5 billion as of November 28.
He pointed out that these ongoing security breaches significantly impact crypto adoption by eroding public trust in the security and stability of digital assets.
Christian Seifert echoed similar sentiments, noting that early crypto adopters were willing to accept certain risks, but such tolerance will not be acceptable to the broader user base that the crypto industry aims to attract.
Seifert drew a parallel, stating, “Imagine losing all your savings because the branch of your bank was broken into overnight. You wouldn’t bank there.”
Jerry Peng also believed that hacks hinder potential market growth by discouraging individuals who were previously open to exploring the Web3 space.
In essence, these security incidents hinder the progress and adoption of the crypto industry by eroding trust and confidence in its security measures.
On November 29, Bitcoin (BTC) demonstrated resilience by maintaining its momentum at the $38,000 level, despite warnings of potential market corrections.
Bitcoin’s price trajectory continued to target new 18-month highs, as reported by data from Cointelegraph Markets Pro and TradingView.
It had previously reached highs matching those of the previous day, even surpassing $39,000 in futures markets.
The enthusiasm surrounding Bitcoin derivatives had led to debates about the possibility of large-volume traders leaving late long positions vulnerable at these elevated levels. Keith Alan, co-founder of monitoring resource Material Indicators, issued a word of caution to traders regarding what he referred to as “whale games.”
He highlighted an instance where liquidity at $38,000 was pulled to trigger a move to $38,500, emphasizing that it wasn’t necessarily a friendly gesture but rather a strategic move by large players.
Looking ahead, attention was focused on the words expected from Jerome Powell, the chair of the United States Federal Reserve, scheduled for December 1.
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Powell’s statements could potentially serve as an external catalyst for Bitcoin’s price, with the possibility of it surpassing the $40,000 mark.
However, it was noted that whales (large cryptocurrency holders) would likely be closely monitoring a key level at which to sell off their holdings.
A chart accompanying the article revealed that the sell-side liquidity in the order book was concentrated at $38,500, a level that had not been challenged at the time of writing.
Despite these considerations, some remained optimistic about the possibility of further short-term upside, suggesting that increased trading volume was all that was needed for a breakout toward the $40,000 threshold.
In the broader financial context, Bill Ackman, CEO and founder of hedge fund Pershing Square Capital Management, expressed his belief that the Federal Reserve might have to make a pivot on interest rates as early as the first quarter of 2024.
Ackman argued that failing to cut rates soon would increase the risk of a “hard landing” for the U.S. economy as inflation subsided.
Key U.S. macroeconomic data, including the Q3 GDP and the October print of the Personal Consumption Expenditures Index, were expected to play a role in shaping Fed policy decisions.
It’s important to note that the article does not provide investment advice and emphasizes the need for individuals to conduct their own research when making investment decisions.
The Philippines Securities and Exchange Commission (SEC) has issued a stern warning against cryptocurrency exchange giant Binance, asserting that the platform has been operating in the country without the requisite approvals or licenses.
The regulatory body’s announcement, dated November 28, disclosed that Binance lacks authorization to sell or offer securities within the Philippines.
According to the SEC’s statement, Binance, like any other exchange, is obligated to undergo registration and provide comprehensive details about the securities it offers to the public.
This information encompasses aspects such as issuance prices, the nature of the securities, and other pertinent data.
The Philippines’ Securities Regulation Code (SRC) mandates that securities issuers be registered within the country before being made available for investment.
Additionally, they are required to secure a secondary license for selling or offering securities to the public.
The SEC’s database revealed that Binance, the platform operator, is not registered as a corporation in the Philippines and operates without the essential license or authority to distribute any form of securities, as stipulated by Section 3.1 of the SRC.
In addition to operating without the necessary license, the SEC accused Binance of unlawfully promoting its services within the Philippines.
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The regulator cautioned that entities involved in promoting or trading on Binance could face criminal liability under Section 28 of the SRC.
This criminal offense carries severe penalties, including fines of up to 5 million Philippine pesos (approximately $90,300) or imprisonment of up to 21 years, or both, as stipulated in Section 73 of the SRC.
Despite prior warnings, Binance has apparently continued to be a prominent cryptocurrency trading platform in the Philippines. Some users had previously praised its local services as “reliable and stable” on social media platforms.
Interestingly, a Reddit commentator speculated that the Philippines authorities might follow the regulatory decisions of the United States SEC concerning Binance’s legal status.
Binance was facing legal action by the U.S. SEC at the time, and if it lost the case, it could potentially impact its operations in various countries, including the Philippines.
Notably, this development comes shortly after Binance’s CEO, Changpeng Zhao, pled guilty in a U.S. court for violating U.S. Anti-Money Laundering laws and subsequently stepped down from his position.
Moreover, in September 2023, the Philippines SEC had entered into a partnership with the U.S. SEC to jointly combat cryptocurrency-related fraud.
At the time of reporting, neither Binance nor the Philippines SEC had responded to requests for comment from Cointelegraph.