Audit log

Every state-changing event for Nexo: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1reviewby reviewerreviewer

   2026-05-14 03:28:36Z
   Score: 42 → 42 (no score change)
   The investigation page is factually accurate on nearly all material claims, with independent verification confirming regulatory actions, financial figures, Bulgarian investigation details, and the US relaunch. Three claims are partially supported: the page omits two of Nexo's four co-founders, mischaracterizes the alternate spelling of Kantchev's name, and overstates Nexo's ranking among CeFi lenders per Galaxy Research data. The SEC press release URL returns a 403 error on direct fetch but is confirmed valid through search engine indexing and the content is corroborated by the NASAA source. No claims were found to be disputed by credible counter-sources.
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   {"actor":"reviewer","decided_at":"2026-05-14T03:28:36.532Z","decision":"review","investigation_id":"0810ecbe-2195-4c8f-a1db-b348b0f9224b","new_score":42,"page_slug":"nexo","prev_score":42,"reason":"The investigation page is factually accurate on nearly all material claims, with independent verification confirming regulatory actions, financial figures, Bulgarian investigation details, and the US relaunch. Three claims are partially supported: the page omits two of Nexo's four co-founders, mischaracterizes the alternate spelling of Kantchev's name, and overstates Nexo's ranking among CeFi lenders per Galaxy Research data. The SEC press release URL returns a 403 error on direct fetch but is confirmed valid through search engine indexing and the content is corroborated by the NASAA source. No claims were found to be disputed by credible counter-sources.","score_delta":0,"sequence_num":1,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision db1ddbf2-94d1-4bfd-a8db-f37defa4bc43copy
2. #2review reviseby judgejudge

   2026-05-14 03:28:36Z
   Score: 42 → 34 (-8)
   claim_findings[7] mischaracterizes Nexo's market ranking per Galaxy Research data; the page claims 'second-largest' lender but Galaxy Q3 2025 data places Nexo third behind Tether and Galaxy itself. claim_findings[0] and claim_findings[8] note omission of two co-founders and a misleading alternate spelling that lacks source support. All core regulatory facts (SEC settlement, Bulgarian investigation closure, US relaunch via Bakkt) are confirmed by tier-1 sources. Coverage gaps are minor; no critical claims are contradicted.
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   {"actor":"judge","decided_at":"2026-05-14T03:28:36.532Z","decision":"review_revise","investigation_id":"0810ecbe-2195-4c8f-a1db-b348b0f9224b","new_score":34,"page_slug":"nexo","prev_score":42,"reason":"claim_findings[7] mischaracterizes Nexo's market ranking per Galaxy Research data; the page claims 'second-largest' lender but Galaxy Q3 2025 data places Nexo third behind Tether and Galaxy itself. claim_findings[0] and claim_findings[8] note omission of two co-founders and a misleading alternate spelling that lacks source support. All core regulatory facts (SEC settlement, Bulgarian investigation closure, US relaunch via Bakkt) are confirmed by tier-1 sources. Coverage gaps are minor; no critical claims are contradicted.","score_delta":-8,"sequence_num":2,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision 31d02666-c9f8-4ee0-b40d-26e6cd2d2746copy
3. #3publishby system:backfill

   2026-05-30 13:03:57Z
   Score: ? → ? (no score change)
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   {"actor":"system:backfill","investigation_id":"0810ecbe-2195-4c8f-a1db-b348b0f9224b","kind":"publish","page_slug":"nexo","published_at":"2026-05-30T13:03:57.088Z","sequence_num":3,"snapshot":{"content_type":"investigation","entity_name":"Nexo","sections":[{"content":"Nexo Capital, Inc. is a Cayman Islands corporation established in 2018 that provides digital asset financial services including crypto-backed credit lines, yield-bearing accounts, and a trading exchange. The platform was co-founded by Antoni Trenchev, a former Bulgarian parliament member, and Kosta Kantchev (also spelled Kanchev). The company raised approximately $52.5 million in an April 2018 token sale concurrent with the launch of its NEXO token. By 2025, Nexo reported over $11 billion in assets under management and described itself as the second-largest centralized crypto lender globally, behind Tether, according to Galaxy Research. Nexo is headquartered in Zug, Switzerland, and has had significant operational presence in Sofia, Bulgaria.","heading":"Company Overview","severity":"low","sources":[{"credibility":1,"name":"NASAA and SEC Announce $45 Million Settlement with Nexo Capital","type":"regulatory","url":"https://www.nasaa.org/67039/nasaa-and-sec-announce-45-million-settlement-with-nexo-capital-over-interest-bearing-account/"},{"credibility":2,"name":"Crypto Lender Nexo Introduces $5,000 Minimum to Focus on Wealthy Clients - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2025/01/22/crypto-lender-nexo-introduces-5-000-minimum-to-focus-on-wealthy-clients"},{"credibility":2,"name":"Antoni Trenchev - Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Antoni_Trenchev"}]},{"content":"On January 19, 2023, the U.S. Securities and Exchange Commission charged Nexo Capital, Inc. with the unregistered offer and sale of a retail crypto asset lending product known as the Earn Interest Product (EIP). The SEC's order found that the EIP constitutes a security and that Nexo failed to register its offer and sale as required under the Securities Act of 1933. Without admitting or denying the SEC's findings, Nexo agreed to pay a $22.5 million civil penalty and to cease offering the EIP to U.S. investors. The settlement also included a cease-and-desist order. The SEC noted that Nexo had voluntarily ceased offering the EIP to new U.S. investors following the Commission's February 2022 action against BlockFi for a similar product. In parallel, the North American Securities Administrators Association (NASAA) coordinated a multistate settlement in which Nexo agreed to pay an additional $22.5 million, distributed among 53 U.S. jurisdictions at approximately $424,528 each, bringing the total combined penalty to $45 million. Regulators noted that Nexo had marketed EIP returns of as high as 36% annually through its website and social media channels.","heading":"SEC Enforcement Action and $45 Million Settlement","severity":"critical","sources":[{"credibility":1,"name":"SEC Press Release: Nexo Agrees to Pay $45 Million in Penalties","type":"regulatory","url":"https://www.sec.gov/newsroom/press-releases/2023-11"},{"credibility":1,"name":"NASAA and SEC Announce $45 Million Settlement with Nexo Capital","type":"regulatory","url":"https://www.nasaa.org/67039/nasaa-and-sec-announce-45-million-settlement-with-nexo-capital-over-interest-bearing-account/"},{"credibility":2,"name":"Nexo Settles with SEC, Will Pay $45 Million and Kill Crypto Lending Product - Decrypt","type":"news_article","url":"https://decrypt.co/119632/nexo-settlement-sec-45-million-kill-crypto-lending-product"},{"credibility":1,"name":"Crypto Lender Nexo Pays $45 Million to Settle with SEC, States - Bloomberg","type":"news_article","url":"https://www.bloomberg.com/news/articles/2023-01-19/crypto-lender-nexo-pays-45-million-to-settle-with-sec-states"}]},{"content":"Concurrent with the SEC action, New York Attorney General Letitia James and a multistate coalition announced on January 19, 2023 that they had secured up to $24 million from Nexo for operating illegally. The New York AG's charges encompassed two separate violations: the unregistered offer and sale of the EIP, and the operation of an unregistered virtual currency trading platform called Nexo Exchange. Nexo received a five-year ban on offering or selling securities in New York and was required to notify approximately 3,000 New York investors to withdraw their assets by April 1, 2023. The multistate coalition included securities regulators from California, Indiana, Kentucky, Maryland, Oklahoma, South Carolina, Vermont, Washington, and Wisconsin. The company was also required to segregate U.S. investor assets, verify customer identities, and was prohibited from lending, staking, or otherwise using investor assets in speculative activities. Colorado, Texas, Oregon, Minnesota, and Washington state also independently confirmed participation in the multistate settlement.","heading":"State Regulatory Actions","severity":"critical","sources":[{"credibility":1,"name":"NY AG: Attorney General James and Multistate Coalition Secure $24 Million from Nexo","type":"regulatory","url":"https://ag.ny.gov/press-release/2023/attorney-general-james-and-multistate-coalition-secure-24-million-cryptocurrency"},{"credibility":1,"name":"Colorado Division of Securities Joins $22.5 Million Multistate Settlement","type":"regulatory","url":"https://securities.colorado.gov/press-release/colorado-division-of-securities-joins-225-million-multistate-securities-settlement"},{"credibility":1,"name":"Texas Securities Board Joins $22.5 Million State Settlement with Nexo Capital","type":"regulatory","url":"https://ssb.texas.gov/news-publications/texas-securities-board-joins-225-million-state-settlement-nexo-capital-over"},{"credibility":1,"name":"WA DFI Participates in $22.5 Million Multi-State Settlement with NEXO Capital","type":"regulatory","url":"https://dfi.wa.gov/news/press/wa-dfi-participates-225-million-multi-state-multi-agency-settlement-nexo-capital"}]},{"content":"In December 2022, Nexo announced it would begin a gradual withdrawal from the US market after regulatory discussions reached what the company characterized as a 'dead end.' The company stated it had attempted to proactively modify its business in response to regulator concerns but cited what it described as an 'impossible environment' following the collapse of FTX. Nexo immediately suspended Earn account access for users in eight states — Indiana, Kentucky, Maryland, Oklahoma, South Carolina, Wisconsin, California, and Washington — upon announcing the exit. The company did not provide a firm timeline for full withdrawal. The exit preceded the formal SEC and multistate settlements by roughly six weeks.","heading":"US Market Exit (December 2022)","severity":"high","sources":[{"credibility":2,"name":"Nexo to Depart US After Regulator Discussions Hit Dead End - CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2022/12/05/nexo-to-depart-us-after-regulator-discussions-hit-dead-end"},{"credibility":2,"name":"Nexo Begins Gradual Exit from U.S. Market - Nexo Official Blog","type":"official","url":"https://nexo.com/blog/nexo-announces-gradual-departure-from-the-united-states"},{"credibility":2,"name":"Nexo to exit US market after regulator talks hit dead end - Banking Dive","type":"news_article","url":"https://www.bankingdive.com/news/nexo-to-exit-us-market-after-regulator-talks-hit-dead-end/638108/"}]},{"content":"On January 12, 2023 — the same week as the US regulatory settlement — Bulgarian authorities conducted a large-scale raid on 17 Nexo sites in Sofia, including offices and residences. More than 300 prosecutors, investigators, and foreign agents participated. Four individuals were charged with allegations including money laundering, tax crimes, computer fraud, and participation in or leadership of an organized criminal group. Bulgarian prosecutors alleged that approximately $94 billion (86 billion euros) had flowed through the Nexo platform over five years, and claimed that financial sanctions against Russia had been violated and that one person had allegedly financed terrorist activities through the platform. Nexo denied all wrongdoing and characterized the investigation as politically motivated. In December 2023, the Bulgarian Prosecutor's Office closed the investigation, stating it found 'no evidence of criminal activity' and 'no evidence of tax offenses or computer fraud against the defendants.' All charges were dropped for lack of evidence.","heading":"Bulgarian Criminal Investigation (Opened January 2023, Closed December 2023)","severity":"high","sources":[{"credibility":2,"name":"Nexo Probe: Four Charged After Raid at Crypto Lender's Offices in Bulgaria - Euronews","type":"news_article","url":"https://www.euronews.com/next/2023/01/13/nexo-probe-four-charged-after-raid-at-crypto-lenders-offices-in-bulgaria"},{"credibility":2,"name":"Crypto Lender Nexo Targeted in Bulgaria Probe - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2023/01/12/nexo-subject-to-investigation-in-bulgaria-over-alleged-money-laundering-tax-offenses"},{"credibility":2,"name":"Nexo's Money Laundering Investigation in Bulgaria Closed Due to Lack of Evidence - CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2023/12/22/nexos-money-laundering-investigation-in-bulgaria-closed-due-to-lack-of-evidence-report"},{"credibility":2,"name":"Bulgaria ends investigation into crypto lender Nexo, finding no criminal activity - The Block","type":"news_article","url":"https://www.theblock.co/post/269119/bulgaria-ends-investigation-into-crypto-lender-nexo-finding-no-criminal-activity"},{"credibility":1,"name":"Nexo Crypto Lender Bulgaria Probe Charges Four People - Bloomberg","type":"news_article","url":"https://www.bloomberg.com/news/articles/2023-01-13/bulgaria-charges-four-people-in-probe-into-crypto-lender-nexo"}]},{"content":"Following the closure of the Bulgarian criminal investigation in December 2023, Nexo AG and its subsidiaries filed an arbitration claim exceeding $3 billion against the Republic of Bulgaria. The claim was submitted to the World Bank's International Centre for Settlement of Investment Disputes (ICSID) in Washington, DC, registered as Case No. ARB/24/2 in January 2024. Nexo alleged that the investigation was politically motivated and wrongfully conducted, and cited reputational damage, lost business opportunities, and harm to its investments in Bulgaria as bases for the claim. Specifically, Nexo alleged it had been working with three leading US investment banks on a funding round and an initial public offering on a major US exchange, with an indicative valuation of $8 billion to $12 billion, which was disrupted by the investigation. Nexo is represented by US law firm Pillsbury Winthrop Shaw Pittman LLP in the arbitration. The case was ongoing as of early 2024; no final award had been publicly reported as of mid-2026.","heading":"$3 Billion ICSID Arbitration Against Bulgaria","severity":"medium","sources":[{"credibility":2,"name":"Nexo Sues Bulgaria for Over $3 Billion - BusinessWire","type":"official","url":"https://www.businesswire.com/news/home/20240124449891/en/Nexo-Sues-Bulgaria-for-Over-%243-Billion"},{"credibility":2,"name":"Nexo seeks $3B in damages from Bulgaria over dropped investigation - Blockworks","type":"news_article","url":"https://blockworks.co/news/nexo-bulgaria-arbitration-claim"},{"credibility":2,"name":"Nexo Seeks $3B in Damages from Bulgaria Over Aborted Investigation - CryptoNews","type":"news_article","url":"https://cryptonews.com/news/nexo-seeks-3b-in-damages-from-bulgaria-over-aborted-investigation-affecting-us-stock-listing/"},{"credibility":2,"name":"Nexo Files $3 Billion Lawsuit Against Bulgaria - Nexo Official Blog","type":"official","url":"https://nexo.com/blog/nexo-sues-bulgaria-for-over-3-billion"},{"credibility":1,"name":"Nexo v Bulgaria - ICSID Case No. ARB/24/2 - Transnational Dispute Management","type":"court_filing","url":"https://www.transnational-dispute-management.com/legal-and-regulatory-detail.asp?key=34416"}]},{"content":"On February 16, 2026, Nexo formally announced its return to the US market, approximately three years after its regulatory exit. The relaunch was executed in partnership with Bakkt, a publicly listed US-based digital asset platform. Under the arrangement, Bakkt provides digital asset trading infrastructure within a US-regulated compliance framework. Services offered at relaunch included flexible and fixed-term yield programs administered within a regulated framework, a crypto exchange, crypto-backed credit lines with flexible repayment mechanics, and a loyalty program with ACH and wire transfer on- and off-ramps. Nexo stated it held $11 billion in assets under management at the time of the relaunch. The company characterized the return as facilitated by an evolved US regulatory climate. The relaunch took place under SEC chair Paul Atkins, appointed in early 2025 under the Trump administration, widely viewed as more crypto-friendly than his predecessor.","heading":"US Relaunch via Bakkt Partnership (February 2026)","severity":"low","sources":[{"credibility":2,"name":"Nexo Returns to the U.S. - BusinessWire","type":"official","url":"https://www.businesswire.com/news/home/20260216234514/en/Nexo-Returns-to-the-U.S."},{"credibility":2,"name":"Nexo returns to U.S. with Bakkt-backed crypto services - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2026/02/16/nexo-partners-with-bakkt-reenters-the-u-s-with-crypto-yield-lending-and-exchange-services"},{"credibility":2,"name":"Nexo Taps Bakkt For US Return Three Years After SEC Settlement - Decrypt","type":"news_article","url":"https://decrypt.co/358078/nexo-us-return-after-sec-settlement"},{"credibility":2,"name":"Nexo reenters US market - Banking Dive","type":"news_article","url":"https://www.bankingdive.com/news/nexo-reenters-us-market-sec-atkins-trump/746488/"},{"credibility":2,"name":"Nexo Brings Crypto Business Back to US - PYMNTS","type":"news_article","url":"https://www.pymnts.com/cryptocurrency/2026/nexo-brings-crypto-business-back-to-us/"}]},{"content":"Nexo launched the NEXO token in April 2018, raising approximately $52.5 million in a token sale. The token was initially priced at $0.10 and listed at approximately $0.19. The token reached an all-time high of approximately $4.07 in May 2021 before declining significantly. The NEXO token functions as a utility and loyalty token within the platform, offering holders higher interest rates and lower borrowing rates. The token sale was conducted before major US regulatory scrutiny of crypto token offerings had fully matured. ICO classification databases have listed NEXO among tokens identified under SEC security token frameworks. No separate SEC enforcement action specifically targeting the NEXO token as an unregistered security was publicly announced as of mid-2026.","heading":"NEXO Token and ICO","severity":"medium","sources":[{"credibility":3,"name":"Nexo (NEXO) ICO Details - ICO Drops","type":"other","url":"https://icodrops.com/nexo/"},{"credibility":2,"name":"NEXO Price History - CoinMarketCap","type":"other","url":"https://coinmarketcap.com/currencies/nexo/"}]}],"sources_used":[{"credibility":1,"name":"SEC Press Release: Nexo Agrees to Pay $45 Million in Penalties","type":"regulatory","url":"https://www.sec.gov/newsroom/press-releases/2023-11"},{"credibility":1,"name":"NASAA and SEC Announce $45 Million Settlement with Nexo Capital","type":"regulatory","url":"https://www.nasaa.org/67039/nasaa-and-sec-announce-45-million-settlement-with-nexo-capital-over-interest-bearing-account/"},{"credibility":1,"name":"NY AG: Attorney General James and Multistate Coalition Secure $24 Million from Nexo","type":"regulatory","url":"https://ag.ny.gov/press-release/2023/attorney-general-james-and-multistate-coalition-secure-24-million-cryptocurrency"},{"credibility":1,"name":"Colorado Division of Securities Joins $22.5 Million Multistate Settlement","type":"regulatory","url":"https://securities.colorado.gov/press-release/colorado-division-of-securities-joins-225-million-multistate-securities-settlement"},{"credibility":1,"name":"Texas Securities Board Joins $22.5 Million State Settlement with Nexo Capital","type":"regulatory","url":"https://ssb.texas.gov/news-publications/texas-securities-board-joins-225-million-state-settlement-nexo-capital-over"},{"credibility":1,"name":"WA DFI Participates in $22.5 Million Multi-State Settlement with NEXO Capital","type":"regulatory","url":"https://dfi.wa.gov/news/press/wa-dfi-participates-225-million-multi-state-multi-agency-settlement-nexo-capital"},{"credibility":1,"name":"Oregon to receive more than $420,000 from Nexo securities settlement","type":"regulatory","url":"https://dfr.oregon.gov/news/news2023/pages/20230303-nexo-securities-settlement.aspx"},{"credibility":1,"name":"Nexo v Bulgaria - ICSID Case No. ARB/24/2 - Transnational Dispute Management","type":"court_filing","url":"https://www.transnational-dispute-management.com/legal-and-regulatory-detail.asp?key=34416"},{"credibility":1,"name":"Crypto Lender Nexo Pays $45 Million to Settle with SEC, States - Bloomberg","type":"news_article","url":"https://www.bloomberg.com/news/articles/2023-01-19/crypto-lender-nexo-pays-45-million-to-settle-with-sec-states"},{"credibility":1,"name":"Nexo Crypto Lender Bulgaria Probe Charges Four People - Bloomberg","type":"news_article","url":"https://www.bloomberg.com/news/articles/2023-01-13/bulgaria-charges-four-people-in-probe-into-crypto-lender-nexo"},{"credibility":2,"name":"Nexo to Depart US After Regulator Discussions Hit Dead End - CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2022/12/05/nexo-to-depart-us-after-regulator-discussions-hit-dead-end"},{"credibility":2,"name":"Nexo's Money Laundering Investigation in Bulgaria Closed Due to Lack of Evidence - CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2023/12/22/nexos-money-laundering-investigation-in-bulgaria-closed-due-to-lack-of-evidence-report"},{"credibility":2,"name":"Bulgaria ends investigation into crypto lender Nexo, finding no criminal activity - The Block","type":"news_article","url":"https://www.theblock.co/post/269119/bulgaria-ends-investigation-into-crypto-lender-nexo-finding-no-criminal-activity"},{"credibility":2,"name":"Nexo Probe: Four Charged After Raid at Crypto Lender's Offices in Bulgaria - Euronews","type":"news_article","url":"https://www.euronews.com/next/2023/01/13/nexo-probe-four-charged-after-raid-at-crypto-lenders-offices-in-bulgaria"},{"credibility":2,"name":"Nexo Settles with SEC, Will Pay $45 Million and Kill Crypto Lending Product - Decrypt","type":"news_article","url":"https://decrypt.co/119632/nexo-settlement-sec-45-million-kill-crypto-lending-product"},{"credibility":2,"name":"Nexo enters into $45 million settlement with SEC - Axios","type":"news_article","url":"https://www.axios.com/2023/01/19/crypto-lender-nexo-settlement-sec"},{"credibility":2,"name":"Nexo seeks $3B in damages from Bulgaria - Blockworks","type":"news_article","url":"https://blockworks.co/news/nexo-bulgaria-arbitration-claim"},{"credibility":2,"name":"Nexo Sues Bulgaria for Over $3 Billion - BusinessWire","type":"official","url":"https://www.businesswire.com/news/home/20240124449891/en/Nexo-Sues-Bulgaria-for-Over-%243-Billion"},{"credibility":2,"name":"Nexo Files $3 Billion Lawsuit Against Bulgaria - Nexo Official Blog","type":"official","url":"https://nexo.com/blog/nexo-sues-bulgaria-for-over-3-billion"},{"credibility":2,"name":"Nexo Seeks $3B in Damages from Bulgaria - CryptoNews","type":"news_article","url":"https://cryptonews.com/news/nexo-seeks-3b-in-damages-from-bulgaria-over-aborted-investigation-affecting-us-stock-listing/"},{"credibility":2,"name":"Nexo returns to U.S. with Bakkt-backed crypto services - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2026/02/16/nexo-partners-with-bakkt-reenters-the-u-s-with-crypto-yield-lending-and-exchange-services"},{"credibility":2,"name":"Nexo Returns to the U.S. - BusinessWire","type":"official","url":"https://www.businesswire.com/news/home/20260216234514/en/Nexo-Returns-to-the-U.S."},{"credibility":2,"name":"Nexo Taps Bakkt For US Return Three Years After SEC Settlement - Decrypt","type":"news_article","url":"https://decrypt.co/358078/nexo-us-return-after-sec-settlement"},{"credibility":2,"name":"Nexo reenters US market - Banking Dive","type":"news_article","url":"https://www.bankingdive.com/news/nexo-reenters-us-market-sec-atkins-trump/746488/"},{"credibility":2,"name":"Nexo Crypto Lender Introduces $5,000 Minimum - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2025/01/22/crypto-lender-nexo-introduces-5-000-minimum-to-focus-on-wealthy-clients"},{"credibility":2,"name":"Nexo Begins Gradual Exit from U.S. Market - Nexo Blog","type":"official","url":"https://nexo.com/blog/nexo-announces-gradual-departure-from-the-united-states"},{"credibility":2,"name":"Antoni Trenchev - Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Antoni_Trenchev"}],"summary":"Nexo is a crypto lending and yield platform founded in 2018 by Antoni Trenchev and Kosta Kantchev, incorporated in the Cayman Islands, that grew to over $11 billion in assets under management. The company paid a $45 million settlement to the SEC and a multistate coalition of regulators in January 2023 over the unregistered offer and sale of its Earn Interest Product, and exited the US market in late 2022. A Bulgarian criminal investigation launched simultaneously was closed in December 2023 for lack of evidence, after which Nexo filed a $3 billion ICSID arbitration claim against Bulgaria; Nexo formally reentered the US market in February 2026 in partnership with Bakkt.","timeline":[{"date":"2018-04-01","event":"Nexo launches, raises approximately $52.5 million in NEXO token sale and begins offering crypto-backed credit lines.","source":"ICO Drops","source_url":"https://icodrops.com/nexo/"},{"date":"2022-02-01","event":"SEC charges BlockFi over similar crypto lending product; Nexo voluntarily ceases offering EIP to new US investors.","source":"SEC Press Release","source_url":"https://www.sec.gov/newsroom/press-releases/2023-11"},{"date":"2022-12-05","event":"Nexo announces gradual exit from US market, citing regulatory discussions reaching a 'dead end.' Earn access immediately suspended in eight states.","source":"CoinDesk","source_url":"https://www.coindesk.com/policy/2022/12/05/nexo-to-depart-us-after-regulator-discussions-hit-dead-end"},{"date":"2023-01-12","event":"Bulgarian authorities raid 17 Nexo sites in Sofia with 300+ officers; four individuals charged with money laundering, tax crimes, computer fraud, and organized crime participation.","source":"Euronews","source_url":"https://www.euronews.com/next/2023/01/13/nexo-probe-four-charged-after-raid-at-crypto-lenders-offices-in-bulgaria"},{"date":"2023-01-19","event":"Nexo agrees to pay $45 million in combined penalties — $22.5 million to SEC, $22.5 million to multistate coalition of 53 US jurisdictions — over unregistered offer and sale of Earn Interest Product.","source":"SEC / NASAA","source_url":"https://www.sec.gov/newsroom/press-releases/2023-11"},{"date":"2023-01-19","event":"New York AG announces five-year ban on Nexo selling securities in New York; approximately 3,000 NY investors directed to withdraw assets by April 1, 2023.","source":"NY Attorney General","source_url":"https://ag.ny.gov/press-release/2023/attorney-general-james-and-multistate-coalition-secure-24-million-cryptocurrency"},{"date":"2023-12-22","event":"Bulgarian Prosecutor's Office closes criminal investigation into Nexo, citing no evidence of criminal activity, tax offenses, or computer fraud.","source":"CoinDesk","source_url":"https://www.coindesk.com/policy/2023/12/22/nexos-money-laundering-investigation-in-bulgaria-closed-due-to-lack-of-evidence-report"},{"date":"2024-01-24","event":"Nexo AG files $3 billion+ ICSID arbitration claim (Case No. ARB/24/2) against the Republic of Bulgaria, alleging politically motivated prosecution caused reputational and financial damage.","source":"BusinessWire / ICSID","source_url":"https://www.businesswire.com/news/home/20240124449891/en/Nexo-Sues-Bulgaria-for-Over-%243-Billion"},{"date":"2025-01-22","event":"Nexo introduces $5,000 minimum balance recommendation as part of strategic shift toward serving high-net-worth clients.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2025/01/22/crypto-lender-nexo-introduces-5-000-minimum-to-focus-on-wealthy-clients"},{"date":"2026-02-16","event":"Nexo formally reenters the US market in partnership with Bakkt, offering yield, exchange, and crypto-backed credit line services within a US-regulated framework.","source":"CoinDesk / BusinessWire","source_url":"https://www.coindesk.com/business/2026/02/16/nexo-partners-with-bakkt-reenters-the-u-s-with-crypto-yield-lending-and-exchange-services"}]},"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision 99b4a9d1-6c3d-47c2-b475-2df0591ef1afcopy