Nexo surprises everyone by filing for $3 billion in damages against the Republic of Bulgaria, this is encouraging the crypto world.

The Criminal Investigation

     In January 2023, Bulgarian prosecutors raided NEXO's Sofia-based office and charged the firm with participating in the organised crime of money laundering, tax fraud, and computer fraud. The investigation was aborted in December 2023, but the year-long investigation harmed Nexo's business opportunities, so NEXO has filed a $3 billion damage claim.

Nexo's Claim

     According to Nexo, Bulgaria's investigation damaged the firm's reputation, leading to the failure of its plans for a US stock market listing and a football sponsorship deal. A loss of $8 billion in profits. Nexo has filed its claim at the World Bank’s International Centre for Settlement of Investment Disputes (ICSID).

The Importance of Nexo's claim

     Crypto firms incur losses due to unnecessary proceedings, but they hardly hitback the troublemakers. This encourages crypto opponents to harass the crypto world more; for example, the soft behaviour of Ripple towards the US SEC led to targeting Uniswap. Nexo's move will warn anti-crypto agencies internationally that they will get tit for tat.