Cryptocurrency lender Nexo has filed an arbitration claim against the Republic of Bulgaria, seeking $3 billion in damages.

Nexo has accused the country of making “wrongful and politically motivated actions...involving unjustified and oppressive criminal investigations,” according to an emailed statement on Wednesday.

Last year saw widespread clamping down on crypto-related activities following FTX’s sudden collapse and the demise of other crypto firms during the latter half of 2022.

Nexo claims that the investigations damaged its brand and reputation and led it to lose certain business opportunities, such as a potential initial public offering (IPO) in the U.S.

The claim has been submitted to the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) in Washington, DC.