Nexo hit by Withdrawals Tsunami After Bulgaria Raid Office to Investigate Alleged Money Laundering
The major crypto lender Nexo has been hit by a tsunami of customer withdrawals after the company’s office in Bulgaria was raided by police.
The raid at Nexo’s Sofia, Bulgaria office happened on Thursday at more than 15 sites across Sofia, Reuters reported. It added that more than 300 investigators, police and security officers were involved in the operation.
Nexo is being investigated for fraud, money laundering and tax evasion, multiple media outlets have reported. In a statement from the Bulgarian Prosecutor’s Office, Nexo’s business was referred to as “an illegal criminal activity.”
“In Sofia, active steps are being carried out as part of a pre-trial investigation aimed at neutralizing an illegal criminal activity of crypto lender Nexo,” Siyka Mileva, spokesperson for the Bulgarian Prosecutor’s Office, said during a press conference.
Customers rush to withdraw
Not surprisingly, the raid at multiple Nexo sites in Sofia has led to a rush of customer withdrawals from the crypto lending and borrowing platform.
The outflows were highlighted on Twitter by blockchain intelligence firm Arkham, which said it had…
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