Nexo Receives FUD To Steal Charity Money?

The Nexo lending project was accused by an anonymous Twitter account of “stealing charity money”. This story is getting a lot of attention in the crypto community.

On June 26, an anonymous Twitter account named “Otter”, posted a series of tweets claiming that the Nexo team had stolen money from a children’s charity and plowed it into private-public funds. 

Is Nexo stealing charity money?

Otter asserts that the founders of Nexo and his family extracted money from a charity for sick children, then used this money to serve personal interests, even building a “magnificent palace” for themself.

Here are Otter’s allegations:

1. In history, in 2020, Bulgaria discovered a significant scandal related to HelpKarma, a charity focused on children’s health. The BIRD. B.G. Bureau of Investigative Data & Reporting has found that donations to HelpKarma have been misappropriated to purchase real estate or pay for lavish personal travel…
2. In March 2018, Kalin Kanchev, the father of Kosta Kanchev (B.G. Boy 1) was “banned” from the Management Board of HelpKarma. Coincidentally, this was also the time of Nexo’s first ICO.
3. Investigations revealed that HelpKarma had raised millions of dollars and awarded many commissions to the Board of Directors (father of B.G. Boy 1); Founder (B.G. Boy’s cousin 1), and an excellent salary of $50,000 for other related people.
4. This was considered such a big scandal that the Bulgarian Deputy Minister of Finance had to speak out. He estimated that 12.2% of donations were paid in the form of “salaries” and only 17 people in the group payroll.
5. 5Konsta Kanchev embezzled money donated by 130,000 people and went on to build a palace the size of a high school. It was also discovered that the considerable amount was disguised as huge bills and many other blatant accounting tricks.
6. Additionally, Nexo raised capital from Arrington XRP Capital. The connection between Arrington XRP Capital and Nexo is connected by Natalia Karayaneva, the daughter of Vetko and Marinela Arabadjievi, all of whom were arrested for money laundering and tax fraud. It was this organization that invested in Luna Terra – Chai – Anchor. Three projects have caused the market to struggle in recent times.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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