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

Less than 48 hours aft a raid connected cryptocurrency lender Nexo’s offices successful the Bulgarian superior of Sofia, prosecutors person reportedly charged 4 people.

According to a Jan. 13 study by Bloomberg, authorities charged 4 Bulgarian nationals with forming an organized transgression group, which whitethorn person included activities related to wealth laundering and unlicensed banking. The country’s National Police Service reportedly seized a fig of assets arsenic portion of the investigation, including cryptocurrency, cash, and computers.

Following the Jan. 12 raid, Nexo described prosecutors’ actions arsenic a “kick first, inquire questions later” approach. The institution reportedly planned to record a lawsuit seeking compensation for damages caused by constabulary actions, alleging authorities did not amusement a hunt warrant oregon place themselves to Nexo employees.

“We are ever cooperating with the applicable authorities and regulators,” said the lending firm.

George Naydenov, a frontend developer astatine Nexo’s Sofia office, said connected LinkedIn: 

“I convey the Bulgarian Prosecutor's Office for trying, of course, successful the astir incompetent and pathetic mode to instrumentality distant the enactment of implicit 600 radical successful Nexo including me.”

It’s unclear which individuals and what relation they whitethorn person held astatine Nexo were progressive successful the arrests. The lending steadfast has astir 600 employees successful Sofia.

Related: California files bid against Nexo involvement account, says it’s 8th authorities to instrumentality action

Founded successful 2018, Nexo operates an concern level allowing users to involvement and get against crypto. The institution has offices successful the United Kingdom, Bulgaria, and Switzerland, but reportedly does not connection its services to Bulgarian residents owed to imaginable issues with the section government. In December, Nexo announced that it planned to signifier retired its services successful the United States, citing the deficiency of a wide regulatory-compliant way forward.