Reports are coming in that folks at Nexo Finance have removed payback button due to recent SEC news that classifies Ripple’s XRP token as security. Due to this, users are not able to payback their loans before. Now, the price of XRP token is crashing leaving users to sell everything including their collateral at very bottom.
One user said this disabling by Nexo Finance’s system has drained his funds by removing XRP payback button. Unfortunately, this is the way Nexo Finance works. If a user had put USD as collateral and USD collapsed, they would have no choice but to sell USD at bottom.
There is nothing personal about it and it is a part of their terms and conditions. Users still feel Nexo Finance needs to do what is right and restore funds they have taken from its users.
Well, there you have it. Playing dangerous games have dangerous outcomes. XRP is third biggest cryptocurrency by marketcap, according to coinmarketcap and a lot of users have lost massive amount of money due to SEC news.
Ripple’s XRP is not the last coin that will be classified as security. Any coin or token that did an ICO and being traded on a US cryptocurrency exchange may be deemed as security.