As Nexo faces investigations from all angles of the regulatory lens, did an email sent from one of its estranged co-founders back in 2020 try to raise the alarm?
Crypto lender Nexo becomes the latest industry player to fall into deep water amid a thorough probe by international regulators for alleged illegal activities.
Most recently, the US Securities and Exchange Commission (SEC) fined Nexo a total of $45million for failing to register the offer and sale of its earn interest product (EIP).
Back in the company’s home base in the Bulgarian capital Sofia, the picture is equally as bleak. On 12 January, no less than 300 investigators, police officers and security officers raided 15 of the firm’s sites.
This was on the grounds of investigating the setting up of an organised crime group, tax crimes, money laundering, banking activity without a licence and computer fraud.
These are very serious allegations, and an email translation seen by The Fintech Times could indicate that they might ring true.
The child who is not embraced by the village will burn it down to feel its warmth. And the heat now surrounding Nexo might have first been ignited in an email sent from Nexo co-founder Georgi Shulev to the firm’s management back in 2020.
Shulev’s email makes three main accusations, all of which...
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