Lower than 48 hours after a raid on cryptocurrency lender Nexo’s places of work within the Bulgarian capital of Sofia, prosecutors have reportedly charged 4 individuals.

Based on a Jan. 13 report by Bloomberg, authorities charged 4 Bulgarian nationals with forming an organized crime group, which can have included actions associated to cash laundering and unlicensed banking. The nation’s Nationwide Police Service reportedly seized quite a few property as a part of the investigation, together with cryptocurrency, money, and computer systems.

Following the Jan. 12 raid, Nexo described prosecutors’ actions as a “kick first, ask questions later” strategy. The corporate reportedly deliberate to file a lawsuit in search of compensation for damages attributable to police actions, alleging authorities didn’t present a search warrant or determine themselves to Nexo staff.

“We’re all the time cooperating with the related authorities and regulators,” said the lending agency.

George Naydenov, a frontend developer at Nexo’s Sofia workplace, said on LinkedIn:

“I thank the Bulgarian Prosecutor’s Workplace for attempting, after all, in probably the most incompetent and pathetic means to remove the work of over 600 individuals in Nexo together with me.”

It’s unclear which people and what position they might have held at Nexo have been concerned within the arrests. The lending agency has roughly 600 staff in Sofia.

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Based in 2018, Nexo operates an funding platform permitting customers to stake and borrow in opposition to crypto. The corporate has places of work in the UK, Bulgaria, and Switzerland, however reportedly doesn’t supply its companies to Bulgarian residents on account of potential points with the native authorities. In December, Nexo introduced that it deliberate to part out its companies in america, citing the shortage of a transparent regulatory-compliant path ahead.