Bulgarian authorities charge four individuals following raid on Nexo office: Report

Less than 48 hours after a raid on cryptocurrency lender Nexo’s offices in the Bulgarian capital of Sofia, prosecutors have reportedly charged four people.

According to a Jan. 13 report by Bloomberg, authorities charged four Bulgarian nationals with forming an organized crime group, which may have included activities related to money laundering and unlicensed banking. The country’s National Police Service reportedly seized a number of assets as part of the investigation, including cryptocurrency, cash, and computers.

Following the Jan. 12 raid, Nexo described prosecutors’ actions as a “kick first, ask questions later” approach. The company reportedly planned to file a lawsuit seeking compensation for damages caused by police actions, alleging authorities did not show a search warrant or identify themselves to Nexo employees.

“We are always cooperating with the relevant authorities and regulators,” said the lending firm.

George Naydenov, a frontend developer at Nexo’s Sofia office, said on LinkedIn: 

“I thank the Bulgarian Prosecutor’s Office for trying, of course, in the most incompetent and pathetic way to take away the work of over 600 people in Nexo including me.”

It’s unclear which individuals and what role they may have held at Nexo were involved in the arrests. The lending firm has roughly 600 employees in Sofia.

Related: California files order against Nexo interest account, says it’s 8th state to take action

Founded in 2018, Nexo operates an investment platform allowing users to stake and borrow against crypto. The company has offices in the United Kingdom, Bulgaria, and Switzerland, but reportedly does not offer its services to Bulgarian residents due to potential issues with the local government. In December, Nexo announced that it planned to phase out its services in the United States, citing the lack of a clear regulatory-compliant path forward.

All Dutch and English crypto news!

What is an ascending triangle pattern and how to trade it?

Market analysts rely on many technical indicators to anticipate future trends, one of which is the very-popular ascending triangle chart pattern. What is an ascending triangle...

US institutions account for 85% of Bitcoin buying in ‘very positive sign’ — Matrixport

Institutional investors are "not giving up on crypto," with recent data pointing to as much as 85% of Bitcoin buying being the result of American...

Parkeerboete? Deze muzikant verkoopt NFT’s en gebruikt winst om jouw bon te betalen

Arden Jones heeft het nummer Parallel Parking uitgebracht als NFT en wil de winst gebruiken om andermans parkeerboetes van te betalen. Boete betalen met opbrengst NFT Woon...

US securities regulator probes Wall Street over crypto custody: Report

The United States Securities and Exchange Commission (SEC) has been probing traditional Wall Street investment advisors that may be offering digital asset custody to its...

Beste exchanges

Koop je crypto bij Bitvavo