London-based crypto lending company Nexo has been sued by a group of investors in London's High Court for allegedly preventing them from carrying out $126 million worth of cryptocurrency withdrawals.
Peeling further, Nexo is accused of freezing the accounts of cousin Shane Morton, brothers Jason and Owen Morton as they intend to transfer their respective digital assets from the platform.
According to Morton, the victim was not only blocked from withdrawing crypto but forced to return millions of dollars in Nexo tokens to the company at a lower price.
He added that all the victims have Bitcoin (BTC), Pax, Gold, Stellar and Nexo Tokens worth tens of millions of dollars that have been stored in the exchanger.
However, Nexo insists that its transactions are conducted honestly when the lawsuit is 'opportunistic' following the following incidents that occurred between March 2020 and October 2020 but were charged in October this year.
In fact, Nexo also mentions that its platform is secure as it has five million users who have processed over $130 billion worth of transactions in the past five years.
Despite this, the High Court once again clarified that Nexo had breached the terms of its contract as they should not have placed a withdrawal limit on the accounts of crypto investors.
In the meantime, the lawsuit also issued its final words by revealing that the investors had indeed been forced to sell their respective Nexo Tokens below the market value.
