Nexo AG, a crypto lending firm, pursues $3 billion in compensation from Bulgaria following cryptocurrency investigation.

Crypto lender Nexo AG has filed an arbitration claim worth more than $3 billion against Bulgaria, alleging that a politically motivated investigation has caused significant financial losses and damage to its reputation.
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Details About The Lawsuit
Nexo AG, a prominent platform for lending cryptocurrency, has announced that it is seeking arbitration and is claiming over $3 billion from the Bulgarian government. This comes after an investigation resulted in a raid on Nexo’s office in Bulgaria and charges being brought against four individuals.
The claim has been submitted to the Secretariat of the International Centre for Settlement of Investment Disputes, which operates under the World Bank in Washington. Nexo is being represented by the US law firm Pillsbury Winthrop Shaw Pittman LLP.
Allegations Made
Nexo argues that the investigation, which concluded in December with Bulgaria dropping the charges due to a lack of evidence of criminal behavior, was instigated for political reasons. The Bulgarian inquiry led to the prosecution of four individuals on charges related to organized crime activities, including money laundering and operating an unlicensed bank.
Nexo alleges that the investigation has had a negative impact on its business opportunities and has harmed its reputation. As a result, they are seeking compensation through the arbitration process.
Pillsbury Winthrop Shaw Pittman LLP, Nexo’s legal representation, will be tasked with navigating the complexities of international arbitration to establish the validity of the claims made by Nexo.
Stay tuned for updates on the case as Nexo takes this bold step to file a $3 billion arbitration claim against the State of Bulgaria.
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Crypto Regulations