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Crypto Firm Nexo Slams Bulgaria With $3 Billion Suit – Details

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In a stunning legal battle, cryptocurrency lender Nexo has filed a $3 billion lawsuit against Bulgaria, accusing the Balkan nation of unlawfully targeting the company with a politically motivated investigation that ultimately collapsed.

The lawsuit marks a dramatic escalation in tensions between the crypto industry and regulators, raising concerns about potential investor flight and hindering efforts to establish clear legal frameworks for digital assets.

Frozen Assets, Thawed Case

The saga began in November 2022 when Bulgarian authorities, acting on anonymous accusations, froze millions of dollars worth of Nexo’s assets and raided its Sofia office. The company maintains its innocence, calling the probe “unfounded” and driven by “political considerations.” The investigation was abruptly dropped in December 2023, with prosecutors citing a lack of evidence.

Nexo Seeks Retribution

Now, Nexo is seeking hefty damages for the alleged harm caused by the aborted investigation. In its lawsuit, filed at the International Centre for Settlement of Investment Disputes (ICSID), the company claims it suffered severe financial losses and reputational damage.

Nexo alleges the probe scuttled its plans for a lucrative initial public offering on a major U.S. stock exchange and a high-profile sponsorship deal with a renowned European football club.

NEXO currently trading at $0.78 on the daily chart: TradingView.com

The Bulgarian authorities’ actions were not only unlawful but also deeply damaging to the company’s business, Nexo co-founder Antoni Trenchev said in a statement.

Trenchev added that they are confident

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Author: Christian Encila

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