Nexo Users Say Crypto Lender Wrongly Suspended XRP Use

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...

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