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In Bulgaria, an investigation into crypto company Nexo for serious allegations, primarily money laundering, has been closed due to insufficient evidence. The Bulgarian Prosecution reported that there was no evidence of a crime committed and no evidence of tax evasion or fraud against the defendants. Thus, a significant burden has been lifted off the cryptocurrency company’s issued altcoin, NEXO.
Investigation Closed Due to Lack of Evidence
The Bulgarian News Agency reported that the investigation into crypto company Nexo for money laundering by the Bulgarian Prosecution has been closed due to lack of evidence. The investigation, which was launched in January of this year, also focused on four company executives (Kosta Kanchev, Antoni Trenchev, Kalin Metodiev, and Trayan Nikolov), with serious allegations including tax evasion, unlicensed banking services, and fraud.
According to the news, Bulgarian authorities stated that there was no evidence of a crime committed, and also noted that there was no evidence of tax crime or fraud against the defendants. The report also mentioned that prosecutors concluded that the products offered by Nexo did not serve as financial instruments.
The investigation into Nexo was particularly noteworthy for the crypto world following the rapid collapse of other crypto companies in the second half of 2022, especially after the bankruptcy of leading crypto exchange FTX. The altcoin of the crypto company, NEXO, had been under pressure following the investigation.
Investigation Was a Political Attack, According to Nexo’s Co-Founder
Following the closure of the case, Nexo’s co-founder Antoni Treçev stated in an email to Coindesk, “The dropping of all charges against Nexo and its executives by the Bulgarian Prosecution, confirming that there was no evidence of any crime committed, shows that the entire attack on Nexo was actually political in nature. This case should never have been opened in the first place.”
Nexo’s co-founder also added, “This also marks a significant step in clearing our names and is proof of the righteousness of all good actors in crypto.”
