{"id":72469,"date":"2023-01-13T11:56:59","date_gmt":"2023-01-13T09:56:59","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=72469"},"modified":"2025-09-08T15:24:24","modified_gmt":"2025-09-08T12:24:24","slug":"nexo-hit-by-client-outflows-after-raids-on-bulgarian-office","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/nexo-hit-by-client-outflows-after-raids-on-bulgarian-office\/","title":{"rendered":"Nexo hit by client outflows after raids on Bulgarian office"},"content":{"rendered":"<p>The crypto lending platform Nexo recorded a substantial outflow of client funds amid reports of raids at its Bulgarian office as part of an investigation into potential <span data-descr=\"anti-money laundering\" class=\"old_tooltip\">AML<\/span>-policy violations.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Floods of outflows seen from <a href=\"https:\/\/twitter.com\/Nexo?ref_src=twsrc%5Etfw\">@Nexo<\/a> wallet addresses on-chain.<\/p>\n<p>This follows news that Nexo Bulgarian offices were raided by special police this morning.<\/p>\n<p>Stay safe.<a href=\"https:\/\/t.co\/kU5L01rjQ1\">https:\/\/t.co\/kU5L01rjQ1<\/a> <a href=\"https:\/\/t.co\/ylPDn9j91z\">pic.twitter.com\/ylPDn9j91z<\/a><\/p>\n<p>\u2014 Arkham | Crypto Intelligence (@ArkhamIntel) <a href=\"https:\/\/twitter.com\/ArkhamIntel\/status\/1613501863328116741?ref_src=twsrc%5Etfw\">January 12, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The Bulgarian prosecutor&#8217;s office operation involved more than 300 people.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abActive investigative actions are underway in the capital to neutralize the illegal activity surrounding the crypto-bank Nexo\u00bb, \u2014 according to a statement.<\/p>\n<\/blockquote>\n<p>According to the ministry spokesperson Siiki Milevov, the raids are connected with checking information on allegations of the platform used by members of an organized crime group, including money laundering, tax violations, fraud and providing banking services without a license.<\/p>\n<p>The company said it is cooperating with the investigation and with regulators.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">We are always cooperating with the relevant authorities and regulators, and we are hopeful that we will have some exciting news in the weeks to come. 7\/<\/p>\n<p>\u2014 Nexo (@Nexo) <a href=\"https:\/\/twitter.com\/Nexo\/status\/1613477472586338305?ref_src=twsrc%5Etfw\">January 12, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u00abIn one of Nexo&#8217;s offices in Bulgaria there are representatives of authorities. They requested AML- and tax-related documents about a Bulgarian firm in the group. The latter does not serve clients but performs back-office functions \u2014 payroll, client support and compliance with regulatory requirements\u00bb<\/em>, \u2014 commented<a href=\"https:\/\/decrypt.co\/119066\/nexo-withdrawals-office-raid-money-laundering-investigation\"> Decrypt<\/a> CEO Nexo Antoni Trenchev.<\/p>\n<\/blockquote>\n<p>According to analytics firm Cielo, withdrawals in WETH, BNB and stablecoins were in six- and seven-figure sizes.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcb8 Large Nexo withdrawals and movements right now.<\/p>\n<p>\ud83d\udc40\ud83d\udc40 <a href=\"https:\/\/t.co\/Dy2UsASler\">https:\/\/t.co\/Dy2UsASler<\/a> <a href=\"https:\/\/t.co\/FY2dgrZ52m\">pic.twitter.com\/FY2dgrZ52m<\/a><\/p>\n<p>\u2014 Cielo (@CieloFinance) <a href=\"https:\/\/twitter.com\/CieloFinance\/status\/1613592582759514126?ref_src=twsrc%5Etfw\">January 12, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u00abWe are not seeing unusual withdrawal activity. Everything is proceeding as normal\u00bb,<\/em> \u2014 Decrypt representatives of the platform.<\/p>\n<\/blockquote>\n<div class=\"wp-block-text-wrappers-update-2 article_update\"><time class=\"gtb_text-wrappers_update_time\">13 January 2023 | 15:32<\/time><span class=\"gtb_text-wrappers_update_head\">Update: <\/span><\/p>\n<p>Nexo <a href=\"https:\/\/www.bta.bg\/bg\/news\/bulgaria\/389415-nexo-koyato-opredelya-kato-sramna-za-aktsiyata-na-prokuraturata-sreshtu-firma\">plans<\/a> to sue the Bulgarian government after the police raid on the Sofia office. The platform intends to seek compensation for the damage.<\/p>\n<p>According to the media, investigators did not identify themselves and did not present a search warrant for several hours. Nexo called these actions \u201cabuse of power,\u201d aimed at \u201cdestroying and looting a thriving business.\u201d<\/p>\n<\/div>\n<p>Earlier in December, Nexo<a href=\"https:\/\/forklog.com\/en\/news\/nexo-to-exit-the-u-s-market\"> announced<\/a> a \u2018gradual winding down\u2019 of its US operations due to regulatory pressure.<\/p>\n<p> Read ForkLog&#8217;s bitcoin news on our <a href=\"\/\/telegram.me\/forklog\u201d\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The crypto lending platform Nexo reported a substantial outflow of client funds amid reports of raids at its Bulgarian office as part of an investigation into potential anti-money laundering policy violations.<\/p>\n","protected":false},"author":1,"featured_media":72470,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[296,1315,36],"class_list":["post-72469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bulgaria","tag-nexo","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/72469","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=72469"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/72469\/revisions"}],"predecessor-version":[{"id":72471,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/72469\/revisions\/72471"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/72470"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=72469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=72469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=72469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}