A serious relationship between Nexo and scam charity foundation HelpKarma

In recent days scammed money by a charity foundation HelpKarma appeared in Bulgarian news. Turns out (again!) Nexo as a company is involved into fishy actions as well as I didn’t even know Antony Trenchev was a Bulgarian politician who was promoting transparency, is he actually? Interesting fact, Bulgarians can’t use Nexo services even though development team is in Bulgaria. Here is a brief translation from a post by Investigation-type blog ([https://www.facebook.com/birdreporting/posts/10159460879071189](https://www.facebook.com/birdreporting/posts/10159460879071189)):

*Interesting parallel developments are the HelpKarma Foundation and the “cryptobank” Nexo, which offers interest rates and loans for cryptocurrency deposits and is defined as the largest in the world in this industry with over $ 1 billion in transactions over the past two years and 1 million users.*

*- In March 2018, Kalin Kanchev, father of Kosta Kalinov Kanchev, joined the Management Board of HelpKarma;*

*- Just then the activity of Nexo started, which makes its first ICO (initial public offering of coins) in March 2018;*

*- Kosta Kalinov Kanchev advertised as a co-founder of Nexo together with the former politician from DBG Antoniy Trenchev and Georgi Shulev – the son of the former Deputy Prime Minister Lydia Shuleva;*

*- It is not clear from the Nexo website who are the legal entities behind them, but a search of the registers reveals that these are Nexo AG in Switzerland and Nexo Inc in the USA, whose actual owner is Kosta Kalinov Kanchev;*

*- Nexo’s initial financing was from Credissimo, with the relationship with Credissimo being emphasized by Nexo as a guarantee for customers;*

*- Nexo was backed by Arrington XRP Capital, a hedge fund created by influential TechCrunch founder Michael Arrington. Arrington is investing in Nexo and is their advisor until mid-2019* [*https://www.crunchbase.com/funding_round/nexo-0ab2-undisclosed–2a3cbc8c*](https://www.crunchbase.com/funding_round/nexo-0ab2-undisclosed–2a3cbc8c;)

*- In Arrington, however, there is a Bulgarian connection and it is not accidental. Advisor in the Arrington team is Natalia Karayaneva* [*http://arringtonxrpcapital.com/team/*](http://arringtonxrpcapital.com/team/;)

*- Natalia was born in Russia, but became a Bulgarian after her marriage to Peter Karayanev;*

*- Petar Karayanev is the son of Elena Karayaneva. She is the commercial director of Vetko and Marinela Arabadjievi’s companies and was arrested along with them on charges of money laundering and tax fraud.*

*PS: Kosta Kanchev is a cousin of Konstantin Krastev, the founder of HelpKarma.*

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