Summary
Crypto lender Nexo AG has filed an arbitration claim worth over $3 billion against Bulgaria after an investigation into its activities led to raids on its office and charges against four individuals. Nexo argues that the investigation was politically motivated and caused lost business opportunities and damage to its brand reputation. The claim has been submitted to the World Bank’s International Centre for Settlement of Investment Disputes.
Key Points
1. Crypto lender Nexo AG has filed an arbitration claim worth over $3 billion against Bulgaria following the conclusion of an investigation into its activities.
2. The claim was submitted at the Secretariat of the World Bank’s International Centre for Settlement of Investment Disputes in Washington.
3. Nexo argues that the investigation was politically motivated and resulted in lost business opportunities and damage to its brand reputation.