The crypto-lending platform Nexo has been named a defendant in a lawsuit filed by its users. The basis was the blocking of withdrawals of digital assets valued at around £107m (~$126m), according to CityAm.
According to the plaintiffs, the platform did not comply with the directives issued. The filing says that management pressured them to sell their own NEXO tokens worth millions of dollars back to the firm at a discounted price. Otherwise, they would allegedly be denied withdrawals of their assets.
Nexo called the suit “opportunistic”.
“All transactions, including the sale of their own tokens, were completed in good faith, documented and accepted by the applicants as final upon execution. Having earned substantial profits from trading, the applicants withdrew all of their assets from the platform,” — they explained.
Earlier, on July 5, the firm began a 60-day review to acquire the competitor Vauld under a preliminary purchase agreement.
In September, the company decided to extend the period by another month. In October again took this step, without specifying final deadlines.
On 18 November, reporters learned of the ‘stuck’ $10 million Vauld assets held in FTX accounts. Sources said that disclosure of this information could derail the deal.
Earlier, Nexo made an unsuccessful attempt to acquire the assets of the rival Celsius Network.
In September, eight US regulators filed charges against the platform.
A month later, the firm’s managing partner Kalin Metodiev ruled out its bankruptcy or insolvency.
Read ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analysis.