On Thursday, 12 Jan 2023, employees of the prosecutor’s office, the Ministry of the Interior, and the State Security Service conducted a special operation at the Bulgarian offices of crypto company Nexo.
The company complains that the police officers did not initially provide a search warrant and did not even identify themselves.
Nexo claims that the action in question was demonstrative and indicated the “incompetence of those who carried it out.”
The firm also emphasized that it does not offer any services for Bulgarian citizens due to potential problems with the local government. The company reiterated that it complies with anti-money laundering requirements and sanctions against Russia, in addition to its cooperation with major crypto-intelligence firms such as Chainalysis.
Nexo expressed confidence that it will win the court case, which will compensate it for the damages caused by the investigation.
The compensation Bulgaria will pay after the claims filed and won by Nexo will be another record-breaking amount of hundreds of millions, but, unfortunately, it will be at the expense of the Bulgarian taxpayer.
In addition, the company defines the actions against them as “local Bulgarian arbitrariness” – “with the aim of killing and looting a prosperous business.”
Nexo also states that they follow the highest international standards to ensure the origin of the crypto assets entering the platform and where the funds withdrawn from the platform go.
Why is Nexo suing Bulgaria? Read about the lawsuit against Nexo in High Court in London. It looks like Nexo is just “milking the cow” as much as they can.
Read more about the whole operation and crypto fraud on CoinDesk.
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