Crypto Lender Nexo Sues Former Director Over $7.9M Trading Loss

Crypto lender Nexo is taking legal action against its former director, Georgi Shulev.

Nexo is accusing Shulev of failing to keep his side of a settlement agreement.

Nexo has asked a U.K. High Court to order Georgi Shulev to transfer nine crypto assets to the company, including bitcoin and ether.

That was supposed to be a condition of a settlement agreement under which Shulev would receive $1 million.

The lender claims that it has been locked out of trading platform BitMEX during a time when the value in cryptocurrencies declined, resulting in losses of $7.9 million.

HDR Global, which is the parent company of BitMEX, asked the High Court to determine who owned the account after Shulev left as a director at Nexo in 2019.

As a part of the agreement, Shulev and Nexo were supposed to inform HDR once Nexo gained control of the account; Nexo claims that Shulev is now refusing to do this.

For his part, Shulev claims that Nexo breached an agreement to transfer the first of five installment payments to him and as a result he can’t inform HDR that the dispute has been resolved.

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