Users File Lawsuit Against Nexo for Blocking $126M in Assets

Reading Time: < 1 minute

Crypto lending platform Nexo has been recently sued by a group of users because of the blocking of the withdrawal of digital assets valued at $126 million.

According to the plaintiffs, the platform has not fulfilled the submitted instructions. They were reportedly pressured by management to sell millions of dollars worth of their own NEXO tokens back to the firm at a reduced price. Otherwise, they allegedly could be denied the withdrawal of assets.

Nexo has called the lawsuit “opportunistic.” Although the events described took place between 2020 and March 2021, the lawsuit was actually filed in October.

They have explained:

“All transactions, including the sale of native tokens, were completed in good faith, documented and accepted by applicants as final upon execution. Having made a significant profit from trading, the applicants withdrew all their assets from the platform.”