# Why Ketju rejected NexusBTC (NBTC)

- URL: https://riadefi.com/rejections/nexus-btc/
- Exposure: other
- Memo version: v1
- Reviewed: 2026-08-18
- Next review: 2026-11-18

## The memo

REJECTED ON CONFIRMED SINGLE-ENTITY CONTROL AND NO DISCLOSED REDEMPTION PATH, COMPOUNDED BY AN UNRESOLVED CORPORATE WIND-DOWN. NexusBTC is a wrapped Bitcoin token issued in connection with bit.com, whose parent Matrixport wound the exchange down starting December 2025 and rebranded its consolidated platform as BIT in March 2026. A direct on-chain query confirms the token contract sits behind an EIP-1967 upgradeable proxy — the same single-entity-controlled architecture already rejected in this registry for Binance-Peg BTCB — and no NexusBTC-specific reserve attestation, redemption mechanism, or timing was found anywhere in this review, despite BIT's custody arm otherwise carrying real institutional credentials.

## What would reopen the file

- BIT or Matrixport publishes an independent, NexusBTC-specific proof-of-reserve attestation
- A disclosed, permissionless or clearly documented redemption path for NBTC is published and demonstrated
- The proxy admin or upgrade-authority address is publicly disclosed and confirmed to sit behind a multisig rather than a single key
- NexusBTC's active operational status following the bit.com wind-down is confirmed directly by BIT or Matrixport

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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