Nexo is being sued for allegedly blocking $126 million in 2020-2021

Nexo is being sued for allegedly blocking $126 million in 2020-2021

Nexo is being sued for allegedly blocking $126 million in 2020-2021
Nexo is being sued for allegedly blocking $126 million in 2020-2021
tags: lawsuit | nexo
1670071891 03 Dec / 12:51

The plaintiffs allege that Nexo froze their accounts in 2020-21 after they requested to withdraw their assets from the platform.

A group of investors who claim the crypto lender prevented them from drawing more than $126 million worth of cryptocurrencies has filed a lawsuit in High Court in London. Brothers Jason and Owen Morton and their cousin Shane Morton claim that Nexo froze their accounts after they requested to withdraw their assets from the platform.

According to them, they were forced to sell millions of Nexo platform tokens back to the firm at a discounted price, with the threat of being blocked from withdrawing the cryptocurrencies.

In response, Nexo described the legal claim as “opportunistic,” as it was filed in October this year, despite the events occurring between 2020 and March 2021.

The lawyers representing the investors have not shared a comment at this time.

“All transactions, including the sale of their Nexo tokens, were conducted in good faith, were documented, and were accepted as final by the plaintiffs upon execution,” Nexo said.

After making substantial profits from trading their Nexo tokens, the plaintiffs withdrew all of their assets from the Nexo platform.

Nexo’s statement failed to address the nature of the allegations, merely stating that the plaintiffs were ultimately able to withdraw their funds.

The case appears to be ongoing, and it is yet to be determined whether were made the alleged threats were and whether they coerced the three investors into carrying out the unfavorable transaction.

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