Crypto Lending Platform Nexo Sued for Blocking User Withdrawals in Early Years

Crypto lending platform Nexo has been sued in London High Court for preventing user withdrawals worth more than 107 million pounds (approximately $12.6 billion), CityAM reported. Investors suing Nexo say their accounts were frozen by Nexo when they planned to withdraw assets from the platform. One of the investors said it was forced to sell millions of dollars worth of Nexo’s native tokens back to the company at a discount and was threatened with a ban on cryptocurrency withdrawals. Nexo responded that the incident took place between 2020 and March 2021, and that the plaintiff had made a considerable profit by selling Nexo tokens and had successfully withdrawn all assets from the platform.