{"id":25799,"date":"2024-01-24T16:48:51","date_gmt":"2024-01-24T16:48:51","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/nexo-seeks-3-billion-in-damages-from-bulgaria\/"},"modified":"2024-01-24T16:48:51","modified_gmt":"2024-01-24T16:48:51","slug":"nexo-seeks-3-billion-in-damages-from-bulgaria","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/nexo-seeks-3-billion-in-damages-from-bulgaria\/","title":{"rendered":"Nexo seeks $3 billion in damages from Bulgaria"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/07\/1657724520244-9217c6a6-c698-491e-bdc5-6d6dabd1f572-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/07\/1657724520244-9217c6a6-c698-491e-bdc5-6d6dabd1f572-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/07\/1657724520244-9217c6a6-c698-491e-bdc5-6d6dabd1f572-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/07\/1657724520244-9217c6a6-c698-491e-bdc5-6d6dabd1f572-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Nexo says the investigations tarnished its reputation and hampered its growth.<\/li>\n<li dir=\"ltr\">Bulgarian authorities dropped the Nexo case in December 2023, citing a lack of evidence.<\/li>\n<\/ul>\n<p dir=\"ltr\">In one of today\u2019s biggest <a href=\"https:\/\/coinjournal.net\/\">cryptocurrency news<\/a>, Nexo, a leading crypto lender that is reportedly seeking $3 billion in damages from Bulgaria.<\/p>\n<p dir=\"ltr\">Specifically, as Reuters <a href=\"https:\/\/www.reuters.com\/technology\/crypto-lender-nexo-seeks-3-bln-damages-bulgaria-over-aborted-investigation-2024-01-24\/\" rel=\"noopener noreferrer\" target=\"_blank\">reported<\/a> on Wednesday, Nexo AG, a Swiss arm of Nexo Capital, says last year\u2019s aborted criminal investigation completely destroyed the company\u2019s expansion plans, including a potential US listing.<\/p>\n<h2 dir=\"ltr\">Nexo files for arbitration with ICSID<\/h2>\n<p dir=\"ltr\">Nexo, in a filing with the World Bank\u2019s International Centre for Settlement of Investment Disputes (ICSID), says Bulgaria\u2019s investigation tainted its reputation. It also wrecked shareholder value.<\/p>\n<p dir=\"ltr\">As CoinJournal<a href=\"https:\/\/coinjournal.net\/news\/bulgaria-closes-investigation-into-nexo-citing-no-criminal-activity\/\">\u00a0<u>highlighted<\/u><\/a> in December 2023, the Bulgarian prosecutor\u2019s office announced a termination of the criminal investigations against Nexo and four of its executives, citing a lack of evidence.<\/p>\n<p dir=\"ltr\">The prosecution\u2019s move followed nearly a year of investigations, with police having <a href=\"https:\/\/coinjournal.net\/news\/nexo-offices-in-bulgaria-raided-by-authorities-money-laundering-claims\/\">raided Nexo\u2019s offices<\/a> in the country\u2019s capital Sofia in January 2023. Among the allegations levelled against the crypto lender and its top executives were money laundering, computer fraud and unauthorised banking activities.<\/p>\n<p dir=\"ltr\">Despite the dropped case, Nexo contends the damage from the raids and allegations was immense. It filed for arbitration with the ICSID on January 18. Reuters reports that Bulgaria\u2019s finance ministry has acknowledged receipt of an arbitration request from the ICSID.<\/p>\n<p dir=\"ltr\">While officials say an inter-departmental committee will review this request and propose next steps, this does not constitute an \u201cadmission as to the substance of any claims or as an acceptance of any arbitral jurisdiction.\u201d<\/p>\n<p dir=\"ltr\">ICSID, based in Washington, USA, is an international arbitration institution that handles disputes between countries and international investors. Some of the countries ordered to pay significant damages to companies include Pakistan, Ecuador, and Venezuela.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/nexo-seeks-3-billion-in-damages-from-bulgaria-over-aborted-investigation\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Nexo says the investigations tarnished its reputation and hampered its growth. Bulgarian authorities dropped the Nexo case in December 2023, citing a lack of evidence. In one of today\u2019s biggest cryptocurrency news, Nexo, a leading crypto lender that is reportedly seeking $3 billion [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":25800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/25799"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=25799"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/25799\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/25800"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=25799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=25799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=25799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}