Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»ADOPTION NEWS»Nexo asks Bulgaria for $3 billion in damages following investigation
ADOPTION NEWS

Nexo asks Bulgaria for $3 billion in damages following investigation

By Crypto FlexsJanuary 25, 20242 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Nexo asks Bulgaria for  billion in damages following investigation
Share
Facebook Twitter LinkedIn Pinterest Email

Cryptocurrency lending platform Nexo has taken significant legal action against the Republic of Bulgaria, demanding $3 billion in damages. The arbitration claim, filed through the World Bank’s International Center for Settlement of Investment Disputes (ICSID) in Washington, D.C., centers on allegations that Bulgaria engaged in unfair and politically motivated actions against the company.

The origins of this conflict date back to an investigation launched by Bulgarian prosecutors in early 2023. Nexo’s offices were raided on suspicion of participating in an organized crime group aimed at profiting from cryptocurrency lending. Four Bulgarian nationals, including Nexo co-founders Kosta Kanchev, Antoni Trenchev, Trayan Nikolov and Kalin Metodiev, were charged following these raids. However, the case was dismissed in December 2023 due to lack of evidence and the absence of a legal framework for cryptocurrency assets in Bulgaria.

Nexo claims the investigation is unfounded and has had a serious impact on its business operations and reputation. The company said it was working with U.S. banks for an initial public offering (IPO), with a valuation estimated at $8 billion to $12 billion. Nexo is also said to be close to finalizing sponsorship deals with major European soccer clubs, which could significantly increase Nexo’s global exposure. All of these lucrative opportunities were lost due to the investigation.

In addition to these difficulties, Nexo also faced legal challenges in the United States. The company agreed to a $45 million settlement with the U.S. Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA) regarding its interest-earning products. This led Nexo to discontinue the product in April, citing a lack of regulatory clarity, and ultimately shut down its U.S. operations.

Nexo’s legal team, led by US law firm Pillsbury Winthrop Shaw Pittman LLP, argues that the investigation by Bulgarian authorities was unfair and oppressive, resulting in significant financial and reputational harm. The suit, filed by Nexo’s Swiss subsidiary Nexo AG, seeks to recover lost opportunities and damages resulting from the allegations.

Image source: Shutterstock

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ether Lee (ETH) tests major support for $ 4,453 after the highest rejection.

August 31, 2025

Bitcoin analysts bet on $ 200K after hints of Fed.

August 23, 2025

‘Self -transactions, dressed in capital layout’: The cryptocurrency financial craze divides the industry.

August 15, 2025
Add A Comment

Comments are closed.

Recent Posts

GBC Mining Launches Scalable Cloud Mining Plans, Enabling Passive Income For Global Crypto Enthusiasts

September 6, 2025

The 320K holder of the WAVERS & Cardano Price Surges Surges BlockDag signals the next large encryption.

September 6, 2025

RLUSD Stablecoin is extended to Africa to supply power to the border between the border.

September 5, 2025

Bybit Establishes New B2B Unit To Drive Institutional Adoption Of Digital Assets

September 5, 2025

Lowkick Studio Launches $SHARDS Token On Top Tier Exchanges For WorldShards MMORPG

September 5, 2025

The cryptocurrency is falling when the tokens and stocks connected to Trump are under pressure.

September 5, 2025

Cango Inc. Reports Second Quarter 2025 Unaudited Financial Results

September 5, 2025

Coindesk July 2025 Report: Stablecoins and CBDC

September 5, 2025

NOWPayments To Participate In SiGMA Europe Rome 2025

September 4, 2025

Web3 Enabler Announces Blockchain Payments V3.1 At Northeast Dreamin In Boston

September 4, 2025

Is XRP The Dark Horse Of The Cryptocurrency World? Earn 652 XRP Daily Using Invro Mining’s Smart Contract

September 4, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

GBC Mining Launches Scalable Cloud Mining Plans, Enabling Passive Income For Global Crypto Enthusiasts

September 6, 2025

The 320K holder of the WAVERS & Cardano Price Surges Surges BlockDag signals the next large encryption.

September 6, 2025

RLUSD Stablecoin is extended to Africa to supply power to the border between the border.

September 5, 2025
Most Popular

Use BSTR miners to produce encryption parts through strategic merger

April 4, 2025

Solana: A look at how Ethereum is helping SOL grow

February 13, 2024

Grayscale Pyth Trust starts subscription

February 18, 2025
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.