Nexo Allegedly Blocking $126M Withdrawals?

T

he people who are suing Nexo say that the company stopped them from taking their money out of the system in 2020-21.

A group of investors is suing Nexo in the London High Court, claiming that the crypto lender stopped them from withdrawing over 107 million British pounds' ($126 million) worth of cryptocurrency.

The three investors – brothers Jason and Owen Morton and their cousin Shane Morton – allege that Nexo froze their accounts after they sought to remove their assets from the platform.

The Mortons claim that Nexo forced them to sell millions' worth of the company's native token back to at a discounted price, threatening to block their ability to withdraw crypto if they refused.

In response, Nexo described the legal claim as "opportunistic," as it was brought even though the events took place during 2020 through to March 2021.

"All transactions were completed in good faith, were documented, and accepted as final by the claimants at execution," Nexo said. "The claimants withdrew all their assets from the platform after making substantial profits."

Chris

An editor at Coincrop

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Chris is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely assembling lego models.