Nexo, a cryptocurrency lending platform, claims significant reputational harm and shareholder value loss due to a suspended criminal investigation.
Seeking $3 billion in damages, the company targets the Bulgarian government after the failed inquiries.
Nexo's arbitration claim against the Republic of Bulgaria was disclosed on January 24.
The claim was filed through the International Centre for Settlement of Investment Disputes (ICSID), a World Bank entity in Washington, United States.
Earlier, in December 2023, Bulgarian prosecutors closed their case against Nexo, finding no evidence of crimes in a raid on Nexo's offices and clearing the four Bulgarian nationals charged.