A Twitter account accuses the Bulgarian founder of Swiss -based cryptocurrency creditor Nexo of misappropriating funds from a charity platform. The company has denied allegations of an anonymous attack, which came after Nexo offered a buyout offer to troubled rival Celcius.
Anonymous Allegations Against Co-Founders Distributed on Social Media
Twitter users who want to deal with @otteroooo have drawn attention to media reports about the misuse of donations to charities allegedly linked to the people behind Nexo, a major provider of crypto-backed loans. At thread published on Sunday, the anonymous author accused Nexo founder Kosta Kantchev and his family of sucking money from Helpkarma foundations that raise funds for a variety of reasons. Two other co -founders – former MP and managing partner at Nexo Antoni Trenchev and Georgi Shulev – have been mentioned as well.
NEXO FUNDER & FAMILY SIPHONED FUNDS from charity for sick children, using donations as personal slush funds, even building palaces for themselves.
Evidence is given in full by the otter below
nowhere!
🦦 👇🏼 🧵 🦦
– otteroooo (@otteroooo) June 26, 2022
Otteroooo cites reports from two Bulgarian websites – Bird.bg, or the Bureau of Investigative Reporting and Data, and Lupa.bg, another investigative outlet. In the spring of 2018, the first discovered that Kalin Kantchev, Costa’s father, had been installed on Helpkarma’s management board, while the second reported that Helpkarma’s donations piled up, instant loan provider Credissimo, featured in the Nexo whitepaper as the platform that dominates crypto projects, began reporting capital increase.
One of the allegations was that the money donated had been used to buy real estate and fund personal travel. Another is that the charity gives large salaries and commissions to management and staff, which in total exceeds the 5 per cent cap on these costs, while also writing large invoices to related companies. Helpkarma retains a portion of the donations received to fund operations. Kosta Kantchev has been presented as a useful owner for Nexo and Credissimo.
Nexo Accuses Otteroooo of Defamation, Releases Cease-and-Desist Notification
At send a blog devoted to Twitter tirade, Nexo labels “click-feed fake news” and calls it the “latest attack” on the company. He said he wanted to refute “indecent allegations for transparency and clarity,” including by highlighting certain discrepancies. For example, Nexo notes that the person in the photo called “Konsta Kanchev”, is actually not the founder of Nexo Kosta Kanchev but the founder and Chairman of Helpkarma Constantine Krastev.
Nexo also said that the goal of all efforts is to monetize its followers. The “crypto patriot” who declared himself wanted to sell the profile at the right price, quickly, as Nexo reported by someone trying to buy the account, ”the lender said, sharing a picture of a conversation with @otteroooo.
Bulgaria’s main bTV channel reported in December, a little over a year after he launched his own investigation into the Helpkarma saga, Krastev was charged with embezzlement while prosecutors in Sofia continued work to unravel the case.
“Nexo and the Bulgarian non -profit charity, which are accused of wrongdoing, do not and have never had public operations, public benefit owners, or public management,” the crypto platform said. Also published a the letter ceased to an unknown individual or group at the end of the tweets, accusing him of “spreading inaccurate, false and baseless information …
In addition to providing crypto -supported loans, Nexo also offers clients a way to earn an interest in crypto ownership. According to the website, the company has $ 12 billion in assets under management and 4 million users in various jurisdictions. The platform currently supports almost 40 cryptocurrencies.
Earlier in June, Nexo announced it had offered to buy the assets of its competitor, Celsius Network, which reportedly investigated by U.S. regulators about its decision to freeze withdrawals. Last week, Nexo announced that it had hired Citigroup to advise on a deal to acquire another crypto lender. According to crypto media reports, the US banking giant Goldman Sachs as well as being a potential buyer of Celsius assets.
What do you think of the allegations and Nexo’s response? Tell us in the comments section below.
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