Crypto lending firm Nexo is seeking to sue the Bulgarian authority in the aftermath of massive raids at the company’s offices in Sofia.
According to rumors, the world’s largest cryptocurrency lender Nexo is preparing to file a lawsuit against the Bulgarian government to recover damages caused by the unexpected police disruption.
According to the evidence we have, investigators allegedly took hours to issue a search warrant, and inspectors reportedly never identified themselves.
The business also stated that due to the potential for disputes with local authorities, Nexo does not offer any services to anyone who reside in Bulgaria.
The business confirmed its compliance with anti-money laundering laws, sanctions imposed on Russia, and its cooperation with well-known crypto intelligence organizations like Chainalysis.
The business has indicated that it is confident it will win the legal dispute and that Nexo will be compensated for the harm the investigation caused. It was said to have said:
“The compensations that Bulgaria will pay after the claims are brought and Nexo is successful in obtaining them will be another record-breaking figure of hundreds of millions of dollars, but regrettably they will be paid for by the Bulgarian taxpayer.”
Around 10:00 a.m. yesterday, representatives from the Prosecutor’s Office, the Ministry of Internal Affairs, and the National Security State Agency entered the offices of the cryptocurrency platform Nexo, conducted searches, and then started questioning people.
Investigations into many forms of illegal conduct, including money laundering, tax fraud, and computer fraud, are the cause of this. A customer of the platform who transferred cryptocurrency was reportedly identified as someone who funds terrorist activities, according to information shared at the prosecutor’s office conference.
More than 300 law enforcement officers, prosecutors, and members of the national security agency were involved in the investigation into the London-based Nexo, according to Siyka Mileva, a spokesperson for Bulgaria’s chief prosecutors.
She further stated that as of January 12, local police officials were inspecting 15 properties linked to Nexo as part of the investigation, which is presently only being done in Bulgaria.
