A family of fintech entrepreneurs has sued Nexo, the major crypto exchange. The grounds appear to be that the company prevented the withdrawal of funds and then intimidated the investors themselves into selling them back to the company at a discount.
Trouble for Nexo, the crypto company under the microscope
The lawsuit was filed in the London-based High Court, the three investors in the fintech group claim Nexo failed to allow the withdrawal of more than 107 million pounds (the equivalent of about $126 million) of cryptocurrency. The entrepreneurs belong to the Morton family, a well-known British business family.
Brothers Jason and Owen Morton and their cousin Shane Morton, complain that Nexo froze their accounts subsequent to the British investors’ attempt to withdraw their assets. Given the reports of the lack of transparency of various crypto companies and corporations, the British family did not feel safe keeping such a large investment and had decided to get out of the invest
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