# Ketju research: NexusBTC (NBTC)

- URL: https://riadefi.com/rejections/nexus-btc/
- Verdict: rejected
- Type: Other
- Reviewed: 2026-08-18
- Last confirmed: 2026-08-18

## Research summary

This review rejects NexusBTC because one entity controls it, no redemption path is disclosed, and its issuer's unresolved corporate wind-down adds further risk. NexusBTC is a wrapped Bitcoin token issued in connection with bit.com, whose parent Matrixport began winding down the exchange in December 2025 and rebranded its combined platform as BIT in March 2026. A direct on-chain query confirms that the token contract sits behind an EIP-1967 upgradeable proxy, the same single-entity-controlled design already rejected in this registry for Binance-Peg BTCB. This review found no NexusBTC-specific reserve attestation, redemption process, or timing anywhere, even though BIT's custody arm has real institutional credentials.

## Observable review triggers

- 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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