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Crypto lender Nexo intends to sue Bulgaria after office raids

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Nexo has refuted claims that the firm has encountered huge outflows amid office raids and an active investigation against it.

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Nexo, a troubled cryptocurrency firm, intends to sue the Bulgarian government following extensive raids on the company's Sofia offices.

As reported in a Jan. 13 report by the Bulgarian News Agency, Nexo has raised a complaint about how law enforcement authorities have conducted their investigation against the firm.

According to reports, the company is ready to file a lawsuit against the authorities to get compensation for damages caused by the sudden police interruption. According to one report, investigators did not issue a search warrant for several hours, and inspectors never introduced themselves.

Nexo thinks that yesterday's raids on its offices were illegal and showed the "total incompetence of those carrying out this shameful action." Nexo also referred to the firm's actions as "local Bulgarian arbitrariness" that allegedly intended to "destroy and loot a prosperous business."

Nexo also stated that it does not provide services to Bulgarian residents owing to potential concerns with the local authorities. The company also stated that it has complied with anti-money laundering regulations and Russian sanctions, along with partnering with prominent crypto intelligence firms such as Chainalysis.

The company said that it is confident it will prevail in the lawsuit, which will grant Nexo compensation for the damage the investigation caused, adding: "The compensations that Bulgaria will pay after the claims are filed and won by Nexo will be another record-breaking amount of hundreds of millions, but, unfortunately, they will be at the expense of the Bulgarian taxpayer."

According to Siyka Mileva, a spokesperson for Bulgaria's chief prosecutors, the Nexo investigation involved over 300 police officers, prosecutors, and national security officials. She added that as of January 12, local police were searching 15 addresses linked to Nexo in Bulgaria, where the investigation is currently focused. According to other reports, various foreign agencies were also involved in the investigation.

The announcement from Nexo came soon after the company reportedly saw huge outflows amid reports of an investigation.

Nexo has suffered "floods of outflows" since the news broke, according to the crypto analytics platform Arkham Intelligence. Cielo Finance, a blockchain tracker, also reported massive Nexo withdrawals, indicating transactions with more than 200,000 USD Coins leaving the network on January 12.

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