Nexo Changed the Terms of XRP Token Loan and Got Sued.

  • For “unlawful” liquidation, a class action is already filed.
  • Petitioners urge compensation for the XRP funds in exchange

JunHan Jeong, a customer of the popular trading platform Nexo has sued the company for allegedly fraudulent activity. He demands that Nexo has changed its terms regarding the XRP loan without any prior notice. This prevents him to maintain the ratio of loan-to-value (LTV). Previously, he also published a short article named “Please don’t use NEXO” in Medium.

According to the article, Jeong tried to sell his XRP before the crash but the Nexo system did not allow him to trade. He mentions this activity of the company as a fraud because they suspended the XRP trading without providing any prior notification to the clients. He alleges to have to bear the loss of $269,300 in the estimation of 598,000 XRP which was posted as collateral.

The misdeed happens because when SEC sued Ripple, Nexo promptly stopped taking the XRP as the repayment of the loan.

Nexo Financial LLC with its 3 subsidiaries has been sued with a class-action lawsuit. Jeon is playing the role of a victim on behalf of the others and himself in a similar situation. An Orlando-based customer named Pedro Meneses has also wanted to join this class action lawsuit by commenting on the article of Jeong in Medium. He expresses that he is a victim like Jeong and has lost a lot of money. He urges for advice claiming that Nexo kept dodging his tickets and claims through their app.

“How do I join this class action lawsuit? I lost a lot of money because of this same reason and they keep dodging my tickets and claims through their app. Please advise”

– Pedro Meneses, Orlando FL