Nexo, Crypto Lender on Prowl for Ailing Rivals, Faces Declining Deposits

This year’s crash in crypto prices has rattled nerves of retail depositors while also saddling big industry players with losses on assets they had lent out in search of yields. Celsius Network, a crypto lender, and Voyager, a crypto trading platform, each froze withdrawals and later declared bankruptcy. Another distressed lender, BlockFi, received a credit lifeline from crypto exchange FTX, which later gained an option to acquire the firm at a steep discount.

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