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Nexo allocates $12M for ecosystem incentives

Nexo Celebrates Sixth Anniversary by Rewarding Users with $12.5 Million Worth of NEXO Tokens.

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Nexo Celebrates Sixth Anniversary by Rewarding Users with $12.5 Million Worth of NEXO Tokens.

Crypto lending protocol Nexo is marking its sixth anniversary by allocating 10 million NEXO tokens, valued at $12.5 million, to its users. Developers announced the initiative on May 8, inviting users to “stack points, multiply gains, and unlock more surprises” as part of the Nexonomics-inspired hunt aimed at rewarding exploration of the Nexo ecosystem.

Running until July 7, the campaign offers users various ways to earn points, including asset top-ups, Nexo Card activation, fiat borrowing through the Nexo protocol, investment in Nexo Earn products, and boosted trading on Nexo Exchange. Points earned will be converted to NEXO tokens at the end of the event, with conversion ratios to be determined.

Developers cautioned users that certain actions, such as withdrawing crypto assets from their Nexo account, may reduce their points balance. For instance, withdrawing crypto assets results in a loss of 0.01 points for each $1 withdrawn, with specific penalties for withdrawing BTC.

Depending on user activity, multipliers ranging from 1.2x to 1.5x on points earned are available, along with loyalty rewards of up to 100% of the points value.

However, due to regulatory restrictions, citizens and residents of the U.S., U.K., and Canada are ineligible for the campaign.

Since its inception six years ago, Nexo has gained popularity in the decentralized finance (DeFi) space, amassing a total value locked (TVL) of $537.56 million. Notably, on March 6, the platform secured approval from UAE regulators for its local entity, Nexo Services FZE, enabling virtual asset lending and borrowing operations.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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