Nexo Launches $3 Billion Lawsuit Against Bulgaria, Cites Reputational and Financial Harms

    Nexo unleashes a $3 billion lawsuit against Bulgaria, seeking compensation for alleged damages stemming from investigations. Impacting stock market plans and football partnerships, the crypto lender demands reparation for financial and reputational harm.

    • Nexo files a $3 billion lawsuit against the Bulgarian government.
    • Alleges Bulgaria’s investigation caused reputational damage, loss of business opportunities, and hindered stock market listing and funding round.
    • Claims impact on a major soccer sponsorship deal and a strategic partnership with a European football club.
    • Seeks financial compensation for damages suffered.

    Legal Action Unleashed

    Cryptocurrency lending platform Nexo has initiated a legal battle against the Bulgarian government, filing a $3 billion lawsuit. Despite Bulgarian prosecutors dropping charges against Nexo in December, the company asserts that the investigations led to severe repercussions, including the loss of a significant soccer sponsorship deal and the thwarting of a US stock market listing. The legal claim was lodged with the International Center for Settlement of Investment Disputes (ICSID), alleging that Bulgaria’s actions were a politically motivated attack.

    Impact on Business and Partnerships

    Nexo emphasizes the consequences of Bulgaria’s investigation, citing reputational damage, missed business opportunities, and setbacks in securing funding and an initial public offering (IPO). The crypto lender asserts that the Bulgarian government’s actions also cost them a multi-year strategic partnership with a major European football club. The potential alliance, involving Nexo as the club’s digital wallet provider, could have provided exposure to the team’s vast global fan base exceeding 330 million.

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