In a groundbreaking development in the crypto sector, Nexo, a prominent crypto lender, is pursuing a staggering $3 billion in damages from Bulgaria.

This claim arises from an aborted criminal investigation that Nexo contends severely hampered its expansion plans and market value. This move marks a significant escalation in the tensions between the innovative crypto world and traditional state mechanisms.

How Nexo’s Conflict With Bulgaria Started

Nexo’s journey through turbulent waters began in January 2023 when Bulgarian prosecutors launched a wide-reaching investigation into the company. The authorities raided Nexo’s offices in Sofia, the capital city, and charged the founders with serious offenses, including money laundering and computer fraud.

Read more: Nexo Review: Exploring the Crypto Lending Platform

Last year, Nexo’s offices in the Bulgarian capital witnessed over 15 raids. This investigation cast a dark shadow over Nexo’s operations, leading to international repercussions.

According to Reuters, Nexo alleged that these actions not only tarnished its reputation but also derailed critical business ventures. Among the lost opportunities cited were a highly anticipated US stock market listing and a lucrative soccer sponsorship deal. Nexo argues that these lost opportunities have resulted in substantial financial damage and eroded shareholder value.

The situation took a turn when the Bulgarian authorities dropped the case due to lack of evidence. They cited an underdeveloped legal framework for crypto services in the country. Despite this, the damage was already done.

In an unusual move f

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Author: Harsh Notariya

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