#CryptoControversy #NexovsBulgaria #ArbitrationClaim #BulgarianProsecutorGeneral #FinancialReparations #CryptoLawsuit #Nexo #BlockchainSpace
Nexo, a prominent cryptocurrency lending platform, has launched an ambitious $3 billion arbitration against the Government of Bulgaria. Their dispute arises from a 2023 invasion of Nexo’s offices, commissioned by the Bulgarian Prosecutor General’s Office, damaging Nexo’s business prospects and causing substantive harm to its reputation. Switzerland-based Nexo AG has consistently maintained that the allegations — which included money laundering and Russian sanctions violations — were politically driven and devoid of any substantial evidence.
On January 24, Nexo issued a statement confirming the submission of their claim to the International Centre for Settlement of Investment Disputes (ICSID) at the World Bank, filed on their behalf by U.S. legal firm Pillsbury Winthrop Shaw Pittman. The claim follows the Prosecutor General’s Office’s decision to withdraw all charges, following an investigation that unveiled no traces of criminal activity on Nexo’s part. Despite overcoming the allegations, Nexo insists that the disruption caused by the 2023 raid and subsequent investigations hindered several key projects and lead to the termination of a key sponsorship deal with a leading European football club.
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