Nexo Sues Bulgaria for $3B Over Alleged Politically Motivated Actions

The cryptocurrency lender claims the government's actions disrupted its growth and caused significant financial losses.

Nexo AG, a cryptocurrency lender, has filed a lawsuit against the Republic of Bulgaria seeking $3 billion in damages for 'wrongful and politically motivated actions' against its employees.
The lawsuit, filed at the International Centre for Settlement of Investment Disputes (ICSID) in Washington, D.C., is led by the U.S. law firm Pillsbury Winthrop Shaw Pittman.
Nexo alleges that the Bulgarian government's actions, which included criminal investigations and an office raid, tarnished its reputation, disrupted its growth trajectory, and led to significant financial losses.
The company was in the advanced stages of securing funding and planning an initial public offering on a major U.S. stock exchange, which could have valued the company between $8 billion and $12 billion.
Nexo was also nearing a significant partnership with a major European football club, a deal poised to elevate its brand presence globally.