According to Reuters, a legal document shows that the cryptocurrency lending platform Nexo is seeking $3 billion in compensation from Bulgarian authorities over a terminated criminal investigation. The company claims that its plans for a US listing and a football sponsorship deal fell through due to this investigation.
According to a previous report by Zombit, Bulgarian prosecutors launched an investigation into Nexo in January 2023 on suspicion of money laundering and tax crimes, searching 15 addresses related to Nexo. However, the case was withdrawn last month, with prosecutors stating that there was no evidence of criminal activity. The prosecutor stated that Bulgaria lacks a legal framework for crypto asset services.
A document submitted to the International Centre for Settlement of Investment Disputes (ICSID) of the World Bank reveals that Nexo’s subsidiary, Nexo AG, based in Switzerland, claims that this investigation has damaged its reputation and undermined shareholder value.
Reportedly, the Bulgarian Ministry of Finance has stated that it has received an arbitration request from the ICSID, which will be reviewed by a specialized interdepartmental committee for further action. The country’s Prosecutor’s Office is also one of the defendants in this case but has not responded to requests for comment.
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