Nexo Users Say Crypto Lender Wrongly Suspended XRP Use

6 April 2021

in XRP

Reading Time: 1 mins read

Law360 (April 5, 2021, 6:10 PM EDT) — Cryptocurrency lending platform Nexo wrongly suspended Ripple’s digital asset XRP as a payment option and liquidated its customers’ collateral to the tune of over $5 million in damages, a proposed class of customers has told a California federal court.

Nexo Financial LLC customer Junhan Jeong and a proposed class of customers said Thursday that Nexo breached its contract with users by freezing XRP as a usable asset on its platform without notice. Nexo also proceeded to sell off the XRP that customers were using as collateral and kept the proceeds for itself, the complaint says.

“Nexo’s suspension of XRP payments and…

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

21Shares files S-1 application for an XRP ETF

1 November 2024

Ripple CEO optimistic about crypto post-election, regardless of outcome

24 October 2024

Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

[crypto-donation-box]