Nexo Sued For Preventing Users From Withdrawing Over $126 Million

According to a report by CityAM, a group of investors is suing Nexo in the London High Court on the grounds that the cryptocurrency company prevented them from withdrawing more than 107 million British pounds ($126 million) worth of cryptocurrency.

When the three investors tried to move their assets off the platform, according to cousin Shane Morton and brothers Jason and Owen Morton, Nexo allegedly froze their accounts.

The Mortons assert that they were pressured into returning millions of dollars worth of the company’s native token to the company at a discounted price after being threatened with being prevented from withdrawing their cryptocurrency.

The three of them had massive amounts of Nexo Tokens and other cryptocurrencies worth tens of millions of dollars, including Bitcoin, Pax Gold, and Stellar, stored on the exchange.

In response, Nexo called the lawsuit “opportunistic” because it was filed because the event happened a long time ago, from 2020 to be exact, while the lawsuit was filed last month.

“Nexo considers that the claim has been brought opportunistically, some time after the events in question took place during 2020 through to March 2021. Nexo had considered the matter closed, and is disappointed to see it re-emerge.”

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