{"id":10107,"date":"2024-01-24T20:18:01","date_gmt":"2024-01-24T18:18:01","guid":{"rendered":"https:\/\/forklog.com\/en\/nexo-seeks-3-billion-in-damages-from-bulgarian-authorities\/"},"modified":"2024-01-24T20:18:01","modified_gmt":"2024-01-24T18:18:01","slug":"nexo-seeks-3-billion-in-damages-from-bulgarian-authorities","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/nexo-seeks-3-billion-in-damages-from-bulgarian-authorities\/","title":{"rendered":"Nexo Seeks $3 Billion in Damages from Bulgarian Authorities"},"content":{"rendered":"<p>The crypto lending platform Nexo has approached the <span data-descr=\"International Centre for Settlement of Investment Disputes\" class=\"old_tooltip\">ICSID<\/span> demanding $3 billion in compensation from Bulgarian authorities for damages incurred during a terminated investigation, according to <a href=\"https:\/\/www.reuters.com\/technology\/crypto-lender-nexo-seeks-3-bln-damages-bulgaria-over-aborted-investigation-2024-01-24\/\">Reuters<\/a>.<\/p>\n<p>The company claims that the case, closed in December due to lack of evidence, harmed its reputation, reduced shareholder value, disrupted plans for a US stock market listing, and derailed a sponsorship deal with an unnamed football club.<\/p>\n<p>Bulgaria&#8217;s Ministry of Finance has confirmed receipt of the request from ICSID. An interdepartmental committee will review it and propose further actions.<\/p>\n<p>In January 2023, law enforcement conducted searches at Nexo&#8217;s Bulgarian office. The investigation was prompted by allegations of money laundering, tax violations, fraud, and providing banking services without a license. Amid these events, Nexo experienced a significant outflow of client funds.<\/p>\n<p>After the charges were dropped, Nexo co-founder Antoni Trenchev stated that the &#8220;attack was politically motivated.&#8221;<\/p>\n<p>In the same month, Nexo agreed to pay $45 million in fines to US regulators to settle allegations of unregistered securities sales. The authorities deemed the firm&#8217;s Earn Interest Product as such.<\/p>\n<p>Previously, the platform announced a &#8220;gradual withdrawal&#8221; from operations in the US due to regulatory pressure.<\/p>\n<p>Back in March, a California resident filed a lawsuit against Nexo for damages caused by &#8220;fraudulent inducement&#8221; to take loans.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The crypto lending platform Nexo has approached the ICSID demanding $3 billion in compensation from Bulgarian authorities for damages incurred during a terminated investigation, according to Reuters. The company claims that the case, closed in December due to lack of evidence, harmed its reputation, reduced shareholder value, disrupted plans for a US stock market listing, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[296,1315],"class_list":["post-10107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bulgaria","tag-nexo"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/10107","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=10107"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/10107\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/10106"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=10107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=10107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=10107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}