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Crypto Lender Nexo Sued for Allegedly Blocking $126M Withdrawals in 2020-21
The claimants allege that Nexo froze their accounts in 2020-21 after they sought to remove their assets from the platform.
Updated May 9, 2023, 4:03 a.m. Published Nov 21, 2022, 1:17 p.m.
Nexo is being sued in the London High Court by a group of investors who allege that the crypto lender blocked them from withdrawing over 107 million British pounds' ($126 million) worth of crypto.
The three investors – brothers Jason and Owen Morton and their cousin Shane Morton – allege that Nexo froze their accounts after they sought to remove their assets from the platform.
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The Mortons claim that they were then pressured into selling millions' worth of Nexo's native token back to the firm at a discount price, with the threat that they would be blocked from withdrawing their crypto.
In response, Nexo described the legal claim as "opportunistic," as it was brought in October of this year even though the events took place during 2020 through to March 2021.
Lawyers representing the Mortons weren't available for comment.
"All transactions, including the sale of their Nexo tokens, were completed in good faith, were documented and were accepted as final by the claimants at execution," Nexo said.
"Having made substantial profits from trading their Nexo tokens, the claimants withdrew all their assets from the Nexo platform."
The case is Morton and others v. Nexo Capital Inc. case number CL-2022-000516.
Read more: Binance Sued in Italy Over Exchange Outages, Hearing This Week
UPDATE (Nov. 21, 14:18 UTC): Adds that the case relates to events in 2020-21 to the story's sub-heading.
UPDATE (Nov. 21, 14:45 UTC): Adds date of events to headline.
UPDATE (Nov. 22, 14:31 UTC): Removes "Report" from the headline and reference to CityAM in the first paragraph
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