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The post <a href="https://coinpedia.org/news/crypto-lender-nexo-ag-seeks-3-billion-in-damages-from-bulgaria-over-crypto-probe/" rel="noopener noreferrer nofollow">Crypto Lender Nexo AG Seeks $3 Billion in Damages from Bulgaria Over Crypto Probe</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Crypto lender Nexo AG has submitted an arbitration claim exceeding $3 billion against Bulgaria, asserting that a politically motivated investigation resulted in substantial business losses and damage to its reputation.
<h2 class="wp-block-heading" id="h-details-about-the-lawsuit">Details About The Lawsuit</h2>
Nexo AG, a prominent crypto lending platform, announced its arbitration claim worth over $3 billion against the Government of Bulgaria after the summary of an investigation that led to the raiding of Nexo’s Bulgarian office and charges against four individuals.&nbsp;
The claim was lodged at the Secretariat of the World Bank’s International Centre for Settlement of Investment Disputes in Washington, with Nexo being represented by US law firm Pillsbury Winthrop Shaw Pittman LLP.
<h2 class="wp-block-heading" id="h-allegations-lodged-nbsp">Allegations Lodged&nbsp;</h2>
The crypto lender argued that the investigation, which concluded in December with Bulgaria dropping charges citing a lack of evidence of criminal behavior, was politically driven. The Bulgarian inquiry had resulted in prosecutors charging four nationals with organized crime activities, including money laundering and unlicensed banking.&nbsp;
Nexo <a href="https://www.bloomberg.com/news/articles/2024-01-24/nexo-files-3-billion-claim-against-bulgaria-over-failed-inquiry?utm_campaign=socialflow-organic&amp;utm_source=twitter&amp;utm_medium=social&amp;utm_content=crypto" rel="noopener noreferrer nofollow">claims </a>the investigation probe adversely impacted its business opportunities and tarnished its brand reputation, after that, seeking compensation through the arbitration process.
Nexo’s legal representation, Pillsbury Winthrop Shaw Pittman LLP, is expected to navigate the complexities of international arbitration to establish the merit of Nexo’s claims.
Stay tuned as the case unfolds after Nexo’s bold move to file a $3 billion arbitration claim against the State of Bulgaria.&nbsp;

Crypto Lender Nexo AG Seeks $3 Billion in Damages from Bulgaria Over Crypto Probe

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