A group of investors sued crypto lender Nexo for $126 million

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To the American cryptocurrencyLender Nexo has been hit with a lawsuit from a group of investors alleging the company prevented the withdrawal of more than £107 million worth of cryptocurrency ($126 million).

The plaintiffs, brothers Jason, Shane and Owen Morton, claim that Nexo froze their accounts after the brothers tried to withdraw their assets from the platform.

The Mortons said they were pressureddemanding that they sell Nexo millions of dollars worth of its native token at a discounted price. At the same time, the brothers were allegedly threatened that they would be prohibited from withdrawing their digital assets. The company said the brothers filed the lawsuit for profit. Evidence is provided by the fact that the lawsuit was filed in October 2022, although the events described occurred from the beginning of 2020 to March 2021:

“All operations with crypto assets, includingthe sale of Nexo tokens were carried out on a voluntary basis and documented, and were recognized as final upon execution. The complainants made significant profits by trading Nexo tokens and withdrew all their assets from the platform.”

Let us recall that in September, regulators of eight US states through the court demanded that Nexo stop promoting interest-bearing cryptocurrency products subject to the Securities Act.