Nexo crypto platform in dispute over $12M Ledger wallet

Nexo and its co-founder Georgi Shulev clash in front of the British justice for a physical wallet whose value of assets is estimated at 12 million dollars. Flight, threats and impairment of assets are at the heart of a file à new developments.

Cryptoyour ruthless universe? The news is not kind to the lenders. Voyager has been liquidated. Celsius is bankrupt and its ex-CEO was recently arrested in the USA before being released on bail.

Nexo is also experiencing some turbulence. The platform avoided bankruptcy, but not SEC sanctions. And between co-foundersThe atmosphere was, moreover, unhealthy to say the least, as underlined by a court document obtained by our colleagues at Coindesk.

Nexo recovers an account on BitMEX

At the heart of this dispute: a wallet ledger containing (or having contained) for more than 12 million dollars of crypto assets supposedly belonging to Nexo. The company and its co-founder Georgi Shulev compete for ownership of the wallet.

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Shulev co-founded Nexo with Antoni Trenchev in 2019. He left the company the same year, and since 2022 the two co-founders have been battling it out in the British courts. This is not their only bone of contention.

Indeed, they have already quarreled over a BitMEX accountopened in Shulev’s name, but which was apparently intended for Nexo. Since Shulev’s departure, each party has attempted to take control of the account on the exchange.

BitMEX eventually froze the funds, before returning them to Nexo. Nexo after a court ruling in August 2022. It was, however, a half-hearted victory for the lender. During the proceedings, the crypto-assets held in the account were heavily depreciated, losing $7.9 million in value, Nexo denounces.

Read: exchange now registered in Spain

Alleged wallet in the hands of Bulgarian police

The company wishes to obtain compensation, and also to recover a wallet which would contain 12 million dollars. It accuses its former manager of having stolen it. Shulev, for his part, accuses Nexo of having brutally ousted him and deprived him of the shares to which he would have been entitled.

Negotiations between the two parties reportedly failed. Tokens were transferred illegally, and Nexo’s executives, including its CEO, made threats against Georgi Shulev and his family. Atmosphere.

This case before the British courts is directly connected to another, namely the search of Nexo’s offices in Bulgaria as part of an investigation into money laundering.

Shulev says he provided the Ledger wallet’s PIN code to Bulgarian investigators last March. A few days later, seven of the nine crypto-currencies stored on the device were transferred to other wallets.

The co-founder thus explains his inability to return the funds to Nexo. However, this scenario did not convince the judge. For the magistrate, Shulev had “clear control” of the assets in question, and his responsibility is engaged.

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