Reports indicate that after the execution of a search warrant at the offices of cryptocurrency lender Nexo in Sofia, the capital of Bulgaria, four people have been charged with criminal offenses and brought before the proper authorities.

In a report made public by Bloomberg on January 13, the Bulgarian police allegedly charged four people from Bulgaria with being the founders of an organized criminal enterprise. This organization is accused of engaging in criminal activity, including money laundering and banking without a license.

As a result of the investigation, the National Police of the Nation managed to seize a series of valuables, according to reports. Included in these assets were cash, computers, and various cryptocurrencies.

Nexo said in an interview after the raid on January 12 that the actions carried out by the prosecutors were of the “kick first, ask later” type.

Reports indicate that the company wanted to file a lawsuit to seek restitution for damages caused by the behavior of law enforcement. The company is said to have stated that the authorities did not identify themselves to the Nexo workers or serve a search warrant on the Nexo employees. It is unknown who the people arrested were, nor what responsibilities those people may have had in Nexo before their arrest. It is also not known why those people were arrested. More than 600 people call the loan firm in Sofia, Bulgaria, their place of work.

Nexo is an investment platform that launched in 2018 and allows users to borrow money against bitcoin while also allowing them to stake their own cryptocurrencies.

Although the company has locations in the UK, Switzerland and Bulgaria, it is rumored that it does not offer its services to Bulgarian residents due to the risk of getting into legal trouble with the Bulgarian government. This is because the company has locations in the UK, Switzerland, and Bulgaria.

In December, Nexo made the statement that it planned to phase out its services from the United States. The company cited the lack of a clear and compliant route as the reason for this decision.