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Learning & News => News related to Crypto => Topic started by: sirty143 on January 26, 2024, 02:02:03 PM

Title: Crypto Lender Nexo Submits $3 Billion Damages Claim Against Bulgaria
Post by: sirty143 on January 26, 2024, 02:02:03 PM
Crypto Lender Nexo Submits $3 Billion Damages Claim Against Bulgaria

(https://i.imgur.com/F3zccLYm.jpg)

The cryptocurrency lending platform Nexo has submitted a $3 billion arbitration claim against the Republic of Bulgaria, following a raid on its office in 2023 and a subsequent probe by the Bulgarian Prosecutor General’s Office. Nexo alleges that these actions harmed its business prospects. See more for yourself here (https://news.bitcoin.com/crypto-lender-nexo-submits-3-billion-damages-claim-against-bulgaria/).

Your opinion is greatly appreciated.
Title: Re: Crypto Lender Nexo Submits $3 Billion Damages Claim Against Bulgaria
Post by: robelneo on January 26, 2024, 03:46:14 PM
$3 billion is such a  huge amount I don't think they can be compensated, it is just their projection, they have to show proof that this is the amount that they've lost because there's no guarantee that all their projected ventures will result in a success resulting to billions of profits, they can be compensated but not that kind of amount, I also want to be compensated to discourage government from prosecuting businesses related to Cryptocurrency with weak proofs of allegations.
Title: Re: Crypto Lender Nexo Submits $3 Billion Damages Claim Against Bulgaria
Post by: ZAINmalik75 on January 26, 2024, 06:00:20 PM
Filling out for arbitration claim is the right of Nexo because the government should have waited a little bit if they were not sure about their allegations, they should have taken Nexo the opportunity of that Football event meeting, which would have brought good money into the country, it would be good for the economy. But if they still went after Nexo in such a sensitive time, then there must be two reasons for this, one reason is a filmatic a little bit, like in films, most illegal activities like money laundering happen in such events. So, this might be a reason for the government to jump onto them.

Another reason would be biased or corrupt officers, I am not accusing them, only assuming an angle, which is the rivals who would have got that opportunity or got the most of benefit from this, might have worked with corrupt officers to cause Nexo problems.
Title: Re: Crypto Lender Nexo Submits $3 Billion Damages Claim Against Bulgaria
Post by: Faisal2202 on January 26, 2024, 07:53:32 PM
Quote from: ZAINmalik75 on January 26, 2024, 06:00:20 PM
there must be two reasons for this,
Your assumptions are quite authentic and fit in this case, but who knows the reality as I also watch movies, and series, maybe more than you, and even know how government works or have a mere idea about it. So it is not up to us that we can understand them. We will never know. And besides all the reasons, the money is just too much for the government to pay to Nexo platform.

I mean, they might pay for the damage if any happened to the office, but they will never pay for the events and meetings that were scheduled and did not come to completion. I heard about such filation of damage claims on the news, but never saw one winning. I doubt these things will be dealt with under the table.
Title: Re: Crypto Lender Nexo Submits $3 Billion Damages Claim Against Bulgaria
Post by: Captain Corporate on January 26, 2024, 11:46:59 PM
These type of companies do not file a lawsuit saying they lost "3 billion" in damages because they think they lost that much, they are not even saying because they want that money. It is a negotiation tactic, as old as time, they are saying 3 billion, so that they would say they would be fine with 2 billion, and offer the court a 1 billion deal, while getting offered maybe 300 million. If they go out, and say that we lost 300 million, then they will be offered maybe 10 million, hence there is no logic there. They start somewhere super unrealistic, like such a number that you would think they are joking, so that it would go down eventually to what they think they should get.
Title: Re: Crypto Lender Nexo Submits $3 Billion Damages Claim Against Bulgaria
Post by: examplens on January 30, 2024, 08:27:30 PM
I didn't follow what was happening here, although now that I think about it, I haven't seen Nexo in the media or in advertisements for a long time.
Is that company still operating? By that I mean regular business, without any red flags around them.

Even though Bulgaria has been a member of the EU for years, it still carries some bad habits from the past, corruption being one of them. I am not surprised if it was a political decision (at the state level) to prosecute Nexo.
Title: Re: Crypto Lender Nexo Submits $3 Billion Damages Claim Against Bulgaria
Post by: bhadz on January 31, 2024, 07:40:28 AM
AFAIK, Bulgaria is the country that holds the most Bitcoin and I don't know that there's raid that has happened to nexo's headquarters there. I think that this is hot and the damage that Bulgaria did to nexo's business was way painful and made them lost a lot of money for their operations. I don't know where is this going but typically, it takes a long time until things are settled if it's on the court. I'll just take a look on it whenever there are some developments.