Nexo Is Suing Bulgaria For Over $3 Billion

After enduring a year of institutional uncertainty, Nexo, a prominent global digital asset institution, is seeking justice through a legal claim exceeding USD 3 billion against the Republic of Bulgaria. The arbitration claim's amount reflects substantial material and reputational damages arising from the government's actions during a now-resolved, oppressive investigation into the company, its employees, and executives. As anticipated, the accusations were found to be baseless, leading to the logical conclusion of pre-trial proceedings due to the absence of any criminal activities.

The claim has been submitted to the secretariat of the International Center for Settlement of Investment Disputes (ICSID) at the World Bank in Washington, aligning with international agreements on investment protection. Nexo's representation before the tribunal will be handled by the esteemed American law firm Pillsbury Winthrop Shaw Pittman LLP.

On December 21, 2023, less than a year after a high-profile operation and subsequent administrative and institutional challenges, all charges were dropped. The Sofia City Prosecutor's Office determined that "no crimes were committed" and closed the criminal proceedings against Nexo's leaders - Kosta Kanchev, Antoni Trenchev, Kalin Metodiev, and Trayan Nikolov, unequivocally exonerating them.

The direct aftermath of the authorities' actions, coupled with a significant media campaign against the company and widespread dissemination of false statements, inflicted substantial damage on Nexo's operations and international standing. The company's investments in Bulgaria incurred significant losses, and lucrative global business prospects were forfeited: