2 years ago
A Twitter relationship has accused the Bulgarian co-founders of the Swiss-based cryptocurrency lender Nexo of misappropriating funds from a foundation platform. The institution has rejected the allegations successful the anonymous attack, which comes aft Nexo offered a buyout woody to troubled rival Celsius.
Anonymous Allegations Against Co-Founders Circulated connected Social Media
A Twitter idiosyncratic going by the grip @otteroooo has drawn attraction to media reports astir misuse of donations to a foundation allegedly linked to the radical down Nexo, a large supplier of crypto-backed loans. In a thread published connected Sunday, the unidentified writer accuses Nexo co-founder Kosta Kantchev and his household of siphoning wealth from the Helpkarma instauration which raises funds for assorted goodwill causes. Another 2 co-founders — erstwhile Member of Parliament and managing spouse astatine Nexo Antoni Trenchev and Georgi Shulev — person been mentioned arsenic well.
NEXO FOUNDER & FAMILY SIPHONED FUNDS FROM CHARITY FOR SICK KIDS, USED DONATIONS AS PERSONAL SLUSH FUND, EVEN BUILT A PALACE FOR THEMSELVES
Evidences presented successful afloat by otter below
no bueno!
🦦 👇🏼 🧵 🦦
— otteroooo (@otteroooo) June 26, 2022
Otteroooo cites reports by 2 Bulgarian websites — Bird.bg, oregon Bureau for Investigative Reporting and Data, and Lupa.bg, different investigative outlet. In the outpouring of 2018, the archetypal recovered that Kalin Kantchev, Kosta’s father, had been installed connected the absorption committee of Helpkarma portion the 2nd established that arsenic Helpkarma’s donations piled in, the instant indebtedness supplier Credissimo, featured successful Nexo’s whitepaper arsenic the level that powers the crypto project, started to study superior increases.
One of the allegations is that donated wealth had been utilized to acquisition existent property and concern idiosyncratic travels. Another is that the foundation handed retired immense salaries and commissions to its absorption and staff, the full of which exceeded a 5-percent headdress connected specified expenses, portion besides penning ample invoices to related companies. Helpkarma withholds a information of the received donations to concern its operations. Kosta Kantchev has been presented arsenic the beneficial proprietor of some Nexo and Credissimo.
Nexo Accuses Otteroooo of Defamation, Issues Cease-and-Desist Notice
In a blog post devoted to the Twitter tirade, Nexo labels it “click-bait fake news” and calls it “the latest attack” connected the company. It says it wants to refute the “ludicrous allegations for the involvement of transparency and clarity,” including by highlighting definite discrepancies. For example, Nexo noted that the antheral successful a photograph referred to arsenic “Konsta Kanchev”, is really not Nexo’s co-founder Kosta Kanchev but Helpkarma’s laminitis and Chairman Constantine Krastev.
Nexo besides claims the intent of the full undertaking was to monetize connected followers. “The self-proclaimed ‘crypto patriot’ is looking to merchantability his illustration for the close price, successful an instant, arsenic reported to Nexo by a idiosyncratic who attempted to bargain the account,” the lender said, sharing a screenshot of a speech with @otteroooo.
Leading Bulgarian bTV transmission reported successful December, that a small implicit a twelvemonth aft it launched its ain probe into the Helpkarma saga, Krastev has been charged with embezzlement portion prosecutors successful Sofia proceed their enactment to unravel the case.
“Nexo and the Bulgarian non-profit charity, accused of wrongdoing, person not and ne'er had immoderate communal operations, communal beneficial owners, oregon communal management,” the crypto level insisted. It besides published a cease-and-desist letter to the unidentified idiosyncratic oregon radical down the tweets, accusing them of “malicious spreading of inaccurate, fake and unfounded information… with the sole volition to disparage, defame and discredit Nexo.”
Besides providing crypto-backed loans, Nexo besides offers clients a mode to gain involvement connected crypto holdings. According to its website, the institution has $12 cardinal successful assets nether absorption and 4 cardinal users successful antithetic jurisdictions. Its level presently supports adjacent to 40 cryptocurrencies.
Earlier successful June, Nexo announced it had offered to bargain the assets of its competitor, Celsius Network, which is reportedly being probed by U.S. regulators implicit its determination to frost withdrawals. Last week, Nexo unveiled it had hired Citigroup to counsel it connected deals to get different crypto lenders. According to crypto media reports, U.S. banking elephantine Goldman Sachs is besides a imaginable purchaser of the distressed assets of Celsius.
What are your thoughts connected the allegations and Nexo’s response? Tell america successful the comments conception below.
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