Nexo Accused of Embezzlement on Twitter – Company Claims It’s Fake News

Crypto lending platform Nexo encourages customers to “go from zero to crypto in seconds” with offerings of over 40 digital assets that traders can hold or borrow. Last week, Nexo sent a buy-out proposal to Celsius, the crypto exchange which caused untold turmoil in the industry when it denied customers the ability to claim payouts. Now the tables have turned, as a self-proclaimed insider decided to rock the boat at the Switzerland-based crypto lending platform.

NEXO FOUNDER & FAMILY SIPHONED FUNDS FROM CHARITY FOR SICK KIDS, USED DONATIONS AS PERSONAL SLUSH FUND, EVEN BUILT A PALACE FOR THEMSELVESEvidences presented in full by otter belowno bueno!

— otteroooo (@otteroooo) June 26, 2022

Twitter account @otteroooo shared the shocking story of how Nexo’s three Bulgarian co-founders stole from a charity fund for sick children, and instead used it as their personal slush fund. The mysterious accuser claims that Nexo is a daughter company of Credissimo, a company which Nexo’s white paper makes reference to exactly 32 times. Credissimo is a payday loan company operating in Bulgaria, and has been under suspicion of embezzlement in an investigative case.

The anonymous Twitter (NYSE:TWTR) detective elaborated on the story of the 2020 scandal relating to Bulgarian children’s charity group HelpKarma. Apparently, Kanchev’s father, Kalin, was on the charity’s management board, which indicates a conflict of interest. The embezzlement case made waves back in 2018.

anon, wake the f*ck upotter gets it, its a bear market - we need to make yields where they comebut maybe, MAYBE we draw the line with lending our coins to Bulgarian Boys with a history of siphoning donations to build PALACES for themselvesDONATIONS FOR SICK KIDS, GOD DAMMIT pic.twitter.com/4CqJCqMroo

— otteroooo (@otteroooo) June 26, 2022

The Other Side of the Story

A spokesperson for Nexo claims that @otteroooo contacted the company in order to sell the account to them, complete with each of the published accusations, as ransom. Nexo has since published a breakdown of the, what they have labelled, “fake news” with a step-by-step guide on the psychological manipulation in the aforementioned mysterious insider’s tweets.

The Nexo representative reinforced that such accusations out of the blue do “collateral damage to the entire crypto market”, and emphasized that the accuser had mistaken the identity of the charity’s co-founder. According to Nexo, the co-founder at the time of the scandal was Constantine Krastev, which his LinkedIn profile affirms.

Ultimately, the author of the shocking tweets may end up hit with a defamation lawsuit, and Nexo indicated that they would be issuing a cease and desist letter once the author’s real identity is revealed.

Oh this is hilarious. Some pseudoymous accounts are saying bad things about #Nexo. Nexo wants to stop them, but doesn't know who is behind these accounts or where they are located. So it has published a cease & desist order as a blog post. https://t.co/JKCd4Oly8O

— Cassandra Schadenfreude (@Frances_Coppola) June 26, 2022

On the Flipside

• Nexo offered Celsius a buy-out offer spanning 7 days.
• Nexo is set to launch the first-ever crypto card in partnership with Mastercard (NYSE:MA).

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