The cryptocurrency lending platform Nexo has submitted a $3 billion arbitration claim against the Republic of Bulgaria, following a raid on its office in 2023 and a subsequent probe by the Bulgarian Prosecutor General’s Office. Nexo alleges that these actions harmed its business prospects.
‘Politically Motivated’ Allegations
The Switzerland-based crypto lending platform Nexo AG has filed a $3 billion arbitration claim against the Bulgarian government for damages and lost opportunities after the latter dropped its money laundering and Russian sanctions violations allegations. Nexo said the “politically motivated” allegations against it by the Prosecutor General’s Office in January 2023 harmed its brand and reputation.
In a statement released on Jan. 24, the digital asset platform revealed that the U.S. law firm Pillsbury Winthrop Shaw Pittman submitted the claim to the Secretariat of the World Bank’s International Centre for Settlement of Investment Disputes (ICSID). As re
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