THELOGICALINDIAN - A Twitter annual has accused the Bulgarian cofounders of the Swissbased cryptocurrency lender Nexo of misappropriating funds from a alms belvedere The aggregation has alone the allegations in the bearding advance which comes afterwards Nexo offered a buyout accord to afflicted battling Celsius
Anonymous Allegations Against Co-Founders Circulated on Social Media
A Cheep user activity by the handle @otteroooo has fatigued absorption to media letters about abusage of donations to a alms allegedly affiliated to the bodies abaft Nexo, a above provider of crypto-backed loans. In a thread appear on Sunday, the anonymous columnist accuses Nexo co-founder Kosta Kantchev and his ancestors of siphoning money from the Helpkarma foundation which raises funds for assorted amicableness causes. (Update, June 29: Cheep abeyant the @otteroooo annual for abuse of its rules.)
Nexo denies amalgamation with the Bulgarian alms alignment and maintains the access amid the two accept been declared to accident the acceptability of the aggregation and that of its co-founders. Another two of them — above Member of Parliament and Managing Partner at Nexo Antoni Trenchev and Georgi Shulev — accept been mentioned as well. According to his Linkedin profile, Shulev larboard Nexo in 2019.
Otteroooo cites letters by two Bulgarian websites — Bird.bg, or Bureau for Analytic Reporting and Data, and Lupa.bg, addition allegedly analytic outlet. In the bounce of 2024, the aboriginal begin that Kalin Kantchev, Kosta’s father, had been installed on the administration lath of Helpkarma while the additional accustomed that as Helpkarma’s donations accumulated in, the burning accommodation provider Credissimo, featured in Nexo’s whitepaper as the belvedere that admiral the crypto project, started to address basic increases.
One of the allegations is that donated money had been acclimated to acquirement absolute acreage and accounts claimed travels. Another is that the alms handed out huge salaries and commissions to its administration and staff, the absolute of which exceeded a 5-percent cap on such expenses, while additionally autograph ample invoices to accompanying companies. Helpkarma withholds a allocation of the accustomed donations to accounts its operations.
Kosta Kantchev has been presented as the benign buyer of both Nexo and Credissimo, the online lending business of which is accountant by the axial banks of several European countries. The two companies allotment the aforementioned co-founder but he is no best a actor in Credissimo.
Nexo Accuses Otteroooo of Defamation, Issues Cease-and-Desist Notice
In a blog post adherent to the Twitter tirade, Nexo labels it “click-bait affected news” and calls it “the latest attack” on the company. It says it wants to abnegate the “ludicrous allegations for the account of accuracy and clarity,” including by highlighting assertive discrepancies. For example, Nexo acclaimed that the man in a photo referred to as “Konsta Kanchev”, is absolutely not Nexo’s co-founder Kosta Kanchev but Helpkarma’s architect and Chairman Constantine Krastev.
Nexo additionally claims the purpose of the accomplished adventure was to monetize on followers. “The self-proclaimed ‘crypto patriot’ is attractive to advertise his contour for the appropriate price, in an instant, as appear to Nexo by a being who attempted to buy the account,” the lender said, administration a screenshot of a chat with @otteroooo.
Leading Bulgarian bTV approach reported in December, that a little over a year afterwards it launched its own analysis into the Helpkarma saga, Krastev has been answerable with abstraction while prosecutors in Sofia abide their assignment to break the case.
“Nexo and the Bulgarian non-profit charity, accused of wrongdoing, accept not and never had any accepted operations, accepted benign owners, or accepted management,” the crypto belvedere insisted. It additionally appear a cease-and-desist letter to the anonymous alone or accumulation abaft the tweets, accusing them of “malicious overextension of inaccurate, affected and unfounded information… with the sole ambition to disparage, asperse and discredit Nexo.”
Besides accouterment crypto-backed loans, Nexo additionally offers audience a way to acquire absorption on crypto holdings. According to its website, the aggregation has $12 billion in assets beneath administration and 4 actor users in altered jurisdictions. Its belvedere currently supports abutting to 40 cryptocurrencies.
Earlier in June, Nexo appear it had offered to buy the assets of its competitor, Celsius Network, which is reportedly actuality probed by U.S. regulators over its accommodation to benumb withdrawals. Last week, Nexo apparent it had assassin Citigroup to admonish it on deals to access added crypto lenders. According to crypto media reports, U.S. cyberbanking behemothic Goldman Sachs is additionally a abeyant client of the afflicted assets of Celsius.
What are your thoughts on the allegations and Nexo’s response? Tell us in the comments area below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Shutterstock / TY Lim
