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While Bulgarian prosecutors dropped all charges against Nexo last December, the company has now filed a $3 billion lawsuit against the country.
Nexo is seeking over $3 billion in damages from Bulgaria following a terminated criminal investigation.
Nexo filed an arbitration claim against Bulgaria for $3 billion.
In a groundbreaking development in the crypto sector, Nexo, a prominent crypto lender, is pursuing a staggering $3 billion in damages from Bulgaria.
Nexo, the cryptocurrency lending platform, is pursuing $3 billion in damages from Bulgaria following the abandonment of a criminal investigation. The company claims reputational damage and shareholder losses as a result.
The cryptocurrency lending platform Nexo has taken legal action against the Republic of Bulgaria, seeking $3 billion in damages. This move comes after Nexo accused Bulgaria of engaging in wrongful and politically motivated actions and unjustified criminal investigations.
Cryptocurrency lender Nexo is demanding $3 billion in damages from Bulgarian authorities. According to Reuters, Nexo wants to recover $3 billion in connection with a stalled criminal investigation derailing its plans for a U.S.
Nexo alleges the company suffered reputational damage while its shareholders lost significant value due to the abandoned criminal investigation.
Nexo has accused the country of making "wrongful and politically motivated actions
The Swiss-based crypto lender, Nexo AG, a subsidiary of Nexo Capital in the Cayman Islands, is seeking $3 billion in damages from Bulgaria over an abandoned criminal investigation. The company alleges that the inquiry initiated in January 2023 damaged its reputation and shareholder value.
Investigations were initially launched by the Bulgarian Prosecutor General's Office in January 2023.
Cryptocurrency lender Nexo is seeking $3 billion in damages from Bulgaria over an aborted criminal investigation that the company alleges scuppered its plans for a U.S. stock market listing and a soccer sponsorship deal, legal filings seen by Reuters show.
Bulgaria announced that it ended its investigation into Nexo on the grounds that it found no evidence of crime.
In a significant turn of events, Bulgarian prosecutors have decided to close criminal proceedings against Nexo, a prominent crypto lending platform. The decision stemmed from an investigation that commenced in September last year, probing alleged financial irregularities including money laundering and unauthorized banking activities.
The prosecutor's office for Sofia, the capital city of Bulgaria, has dropped criminal proceedings against crypto lender Nexo.
In January, officials conducted a search at Nexo's Bulgarian office on suspicions of financial misconduct and tax irregularities, which Trenchev previously dismissed as baseless.
The Bulgarian Prosecutor's Office has ended its investigation into crypto lender Nexo's alleged money laundering, stating it did not find any evidence of wrongdoing or criminal activities.
Sofia, Bulgaria – In a significant development for the cryptocurrency sector, the Bulgarian Prosecutor's Office has officially concluded its investigation into the prominent crypto lender Nexo. Launched in January 2023 amidst global market instability, the inquiry targeted four of Nexo's top executives but has now been closed due to insufficient evidence of wrongdoing.
Nexo offices in the country were raided in January. The prosecutors could not find any evidence against the company.
The Prosecutor's Office of the Republic of Bulgaria recently concluded a significant investigation into Nexo, a prominent cryptocurrency lending firm. The investigation, which scrutinized the company's operations from 2018 to January 2023, focused on allegations of money laundering, tax crimes, computer fraud, and involvement in an organized criminal group.
Sofia City Prosecutor's Office has concluded a high-profile investigation into the activities of four individuals linked to the Nexo online platform. The investigation, initiated on September 29, 2022, focused on allegations of participation in an organized criminal group and unauthorized banking activities through Nexo.
The Bulgarian Prosecutor's Office has officially ceased criminal proceedings against four executives of the cryptocurrency lending firm Nexo. This decision, announced on December 22, follows a thorough investigation which initially began with a raid on Nexo's offices back in January.
Prosecutors found no evidence that Nexo committed tax fraud or money laundering following months of investigations.
The primary reasoning was that Bulgaria has no legal framework for regulating crypto assets, so Nexo was not subject to such parameters.
