Cryptocurrency lending platform Nexo is seeking damages worth $3 billion from the Bulgarian government. According to Nexo, the investigations allegedly cost the company a major soccer sponsorship deal and a stock market listing in the United States. Nexo and its subsidiaries filed an arbitration claim with the International Center for Settlement of Investment Disputes (ICSID) – a Washington-based arbitration institution that is part of the World Bank. The crypto lender stated that Bulgaria’s investigation into the company, which it termed a “politically motivated attack,” caused reputational damage for the firm.
Source: Anthonia Isichei, 2024-01-25; https://cryptopotato.com/nexo-slams-3-billion-lawsuit-against-bulgaria-citing-reputational-and-financial-damages/