Cryptocurrency lending platform Nexo is looking to claim $3 billion in damages from the Bulgarian government following failed criminal investigations.

Nexo outlined the details of its $3 billion arbitration claim against the Republic of Bulgaria in direct correspondence with Cointelegraph on Jan. 24. It has submitted a claim through the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) based in Washington in the United States.

As previously reported, Bulgarian prosecutors dropped its case against Nexo in December 2023, concluding that there was no evidence of crimes commited by four Bulgarian nationals charged following a raid of Nexo’s offices at the beginning of the year.

Prosecutors initially alleged that Nexo executives participated in an organized criminal group from 2018 to 2023 aimed at profiting from crypto lending. Bulgarian nationals and Nexo co-founders Kosta Kanchev and Antoni Trenchev, Trayan Nikolov and Kalin Metodiev had been initially charged following the raids in January 2023. 

The prosecution cited that Bulgaria lacked a legal regime covering crypto assets as part of the reason for dropping the charges.