Since May last year, the rumours and rumblings about various crypto exchanges being insolvent started to surface, it seemed that Nexo had been dodging the bullet.

I (the originator of the concept of Indranet) was working for a Bulgarian software outsourcing outfit around the time of Celsius and it was this that led me onto Bitcoin Twitter (and led to me meeting the guy who is now sponsoring and collaborating with me on Indra), and to my becoming a freshly minted Bitcoin Maximalist (after a mere 10 years since I first encountered Bitcoin).

My boss had said a few things to me about Nexo, one of them being that they "would probably take me on as a subcontractor" for Cosmos related work, but he also told me they offered to buy his company and he said no, and sorta alluded to the idea that they were a shady outfit, connected to organised crime networks and corrupt public figures (which is a general description for almost everyone involved in the Bulgarian parliament), which was part of why he didn't want them buying it and why he basically never got around to pushing me forward to work with them.

I expected at some point that their insolvency would move out into the open, but I did not expect them to be outright accused of an extensive list of financial and taxation crimes.

This is gonna be a big one. This might be the trigger that tips them over into open insolvency because of the amount of legal costs that are about to hit them.

Funny timing, just as it is looking like Bitcoin might be about to push through the 18300 level in the last day and now it looks like Nexo bankruptcy is now well and truly on the menu, which is inevitably going to lead to a massive panic as people try to get their assets out off Nexo, and liquidations to now not just shore up their finances but pay for lawyers.

I'm sure glad I'm not anywhere near this thing anymore. Thank God for Bitcoin!