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Nexo filed a lawsuit demanding $3 billion from the Bulgarian authorities

DeFi: Nexo filed a lawsuit demanding $3 billion from the Bulgarian authorities

Cryptocurrency lending platform Cryptolender Nexo has filed a lawsuit against Bulgarian authorities with the International Center for Settlement of Investment Disputes, part of the World Bank.

The company is seeking significant compensation of $3 billion for what it believes to be unjustified harassment. In an interview with Finance Magnates, Nexo CEO Antoni Trenchev had the following thoughts on the situation:

"Despite the unjustified attacks undertaken by the Bulgarian authorities in January 2023, which caused significant damage to the entire Nexo business group, we managed to stand our ground and continue our operations. [...] However, this setback hindered our progress and resulted in missed opportunities. I personally made a commitment ten months ago that we would explore all available avenues to seek financial compensation."

Nexo has accused Bulgarian authorities of subjecting it to unjustified and politically motivated harassment. According to the lawsuit, the law enforcement actions not only tarnished the company's reputation and brand, but also resulted in the loss of valuable financial prospects.

The Bulgarian Prosecutor General's Office filed charges against Nexo, alleging that the company was involved in #washing illegally obtained funds. The authorities' actions resulted in a significant outflow of funds from the platform.

After a year-long investigation, the case was closed in December 2023 due to lack of evidence.

Interesting

Nexo is a cryptocurrency lending platform that supports over 40 different cryptocurrencies, fiat currencies and stablecoins as collateral and offers lending services.

To obtain a plastic card or even a virtual counterpart, users must have an active account on the Nexo platform, as well as successfully pass identity verification. Neither physical nor virtual Nexo cards have fees for use or inactivity.

Lending protocols (or DeFi lending protocols) allow users to borrow cryptocurrency in decentralized finance (#DeFi). In the traditional financial system, money is provided to borrowers by lending institutions.

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