Crypto lender Nexo claiming $3 BILLION in damages from Bulgaria

CRYPTO lending platform Nexo is demanding $3 billion from the Bulgarian government after it ditched a criminal investigation which, the lender claims, has destroyed its business plans.

Prosecutors raided the Sofia offices of Nexo AG – a Switzerland-based branch of Nexo Capital – 12 months ago, before charging its founders with a slew of offences ranging from tax fraud to being involved in organised crime.

The case was dropped last month after Bulgarian authorities said they found no evidence of any wrongdoing.

Nexo chiefs now believe they have a strong case for claiming damages due to the reputational harm caused to the company that had planned to establish itself in the US crypto market.

The six-year-old digital asset firm was forced to pull out of the US last year and settle charges of more than $45 million with the Securities and Exchange Commission for failing to register crypto and lending products. It is understood a major sports sponsorship deal was also scrapped.

Nexo filed its claim with the International Centre for Settlement of Investment Disputes (ICSID) at the World Bank several days ago, with Bulgaria’s government today confirming it had received an arbitration request, saying the confirmation “shall not be considered in any way an admission as to the substance of any claims or as an acceptance of any arbitral jurisdiction".

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