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European cryptocurrency lending firm Nexo is facing a $126 million lawsuit from three crypto investors, who say the firm blocked them from withdrawing funds and later intimidated them into selling assets at a discount.
According to a report by City AM, the lawsuit has been filed at a High Court by brothers Jason and Owen Morton alongside their cousin Shane Morton. The plaintiffs claim that the London-based firm blocked their accounts and then intimidated them to sell all the assets into the nexo (NEXO) tokens on the threat they would be blocked from withdrawing their assets from the platform's exchange.
The Mortons first started selling their crypto in December 2020, when they got no adequate response from Nexo about their concerns on the firm's regulatory status with the UK’s Financial Conduct Authority (FCA). However, in March 2021, Nexo imposed daily limits with no explanation, prohibiting the plaintiffs from withdrawing more than $150,000 a day. As of press time, Nexo made no official statement on the matter.
