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Legal dispute over missing assets: Crypto trading platform Nexo in a million-dollar dispute with co-founder Shulev
Legal battle over missing assets: Nexo and former co-founder Shulev at odds in the UK In the UK, the crypto trading platform Nexo is in a legal battle over missing assets worth $12 million. The conflict revolves around former co-founder Georgi Shulev and a missing Ledger hardware wallet containing Nexo's crypto holdings. Shulev, who left the company in 2019 and co-founded Nexo with Antoni Trenchev and others, previously made headlines over a dispute over a BitMEX account. This resulted in Nexo losing around $7.9 million. Now it's about another part of the company's crypto treasures. The conflict...
Legal dispute over missing assets: Crypto trading platform Nexo in a million-dollar dispute with co-founder Shulev
Legal dispute over missing assets: Nexo and former co-founder Shulev at odds in Great Britain
In the UK, crypto trading platform Nexo is in a legal dispute over $12 million in missing assets. The conflict revolves around former co-founder Georgi Shulev and a missing Ledger hardware wallet containing Nexo's crypto holdings.
Shulev, who left the company in 2019 and co-founded Nexo with Antoni Trenchev and others, previously made headlines over a dispute over a BitMEX account. This resulted in Nexo losing around $7.9 million. Now it's about another part of the company's crypto treasures.
The conflict began when Shulev was fired and demanded compensation for his denied Nexo shares. He accuses Nexo of abusing users' trust. As early as 2020, he accused co-founder Kosta Kantchev of withholding illegally promised Nexo shares from him. Nexo rejected Shulev's claims.
A settlement was intended to end the dispute and provided for Shulev to return assets and receive $1 million. However, it has now been revealed in a court filing that Nexo tokens were moved from a wallet that was allegedly controlled by Shulev. This led to another dispute over payment.
A central point of contention is the missing Ledger wallet. Nexo claims that Shulev still has access to the assets, while both sides deny having possession of the device. Nexo proposed deducting the $1 million settlement from the assets in Shulev's custody and transferring the remainder to a trustee. Nevertheless, the parties are in a stalemate.
Shulev claims he was forced to sign the settlement and accuses Nexo's CEO of harassing and threatening him. The missing Ledger wallet remains a key issue. Shulev denies being responsible for the transfer of the tokens. However, an investigation report revealed an address that matched the wallet in question.
Shulev states that the assets were transferred to wallets that are being monitored by investigators. However, the judge found that Shulev was clearly in control of the assets and had breached the contract. The legal dispute between Nexo and Shulev has not yet been resolved and will continue to be fought in court.