Crypto Lender Nexo Seeking $3B in Damages From Bulgaria
Summary
Cryptocurrency lender Nexo has filed a $3 billion arbitration claim against the Republic of Bulgaria, alleging wrongful and politically motivated actions involving unjustified criminal investigations. The Bulgarian Prosecutor’s Office closed its investigation into Nexo for alleged money laundering offenses in December due to lack of evidence. Nexo asserts that these investigations damaged its brand, reputation, and resulted in lost business opportunities, including a potential initial public offering (IPO) in the U.S. The claim has been submitted to the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) in Washington, DC.
