Earlier today, I was mindlessly checking my Twitter feed and happened upon a long thread shared by Nexo's verified Twitter account.

Long story cut short, it was a long and resounding rant about their strict AML and KYC policy and their standards.

The tweet received hundreds of comments, including one that caught my attention. A user wrote: "if you're wondering why Nexo is posting this thread".

The author of the tweet linked an article about Nexo's Bulgarian HQ being raided by authorities over alleged money laundering.

No one has even formed any accusations yet so take what follows with a pinch of salt: apparently they're investigating funds that may be connected to Ruja Ignatova, founder of OneCoin and currently on the FBI Ten Most Wanted list.

When I read about it, I resorted to a technical crypto term. I yelled: FUQ.

For the record, Ignatova disappeared years ago. She probably owns ten different passports under ten different identities at this point. Probably underwent plastic surgery to alter her appearance.

Cases like this, the fugitive only gets caught if they make a mistake. So we'll see. Let's hope she makes one.

Back to Nexo. I decided months ago to remove nearly all funds from crypto exchanges and this changes very little about my strategy.

I like Nexo, I still have some funds in there (which are being removed gradually) and I use their card all the time.

But this is still a huge red flag. And I'm thinking maybe I should ramp up my efforts to empty my crypto exchange accounts.

We've been warned.