Brazil’s Crypto world is full of interesting stories, investment schemes, broker reports, and alleged crypto scams. Here is a brief review of the crypto and blockchain news from Brazil.
YouXWallet under scrutiny
On September 30, multi-level marketing (MLM) research firm Behind MLM discovered another alleged crypto pyramid scheme Brazil and Portugal. YouXWallet, an Estonia-based forex and crypto exchange. Allegedly, it operates a financial pyramid promising a 400% return to traders.
However, the Securities and Exchange Commission of Brazil (CVM) is already investigating YouXWallet. The firm is was a part of a variety of financial pyramid schemes.
GBB CEO exposed: 25,000 Bitcoin kept in secrecy
Also this week, it was discovered that CEO of Brazilian cryptocurrency firm Grupo Bitcoin Banco (GBB) claimed 25,000 BTC, which are worth of USD 19M. The secret USD 200M in crypto was unveiled during the series of GBB’s allegations, ongoing federal investigations, and legal issues.
The Sao Paulo Court of Justice blocks
On October 1, the president of Unick Forex Leidimar Lopes announced that the firm would continue to operate as normal. The company lost the building that was housing them. Leider Lopes stressed that the firm would pay its customers through an extrajudicial agreement. He also noted that Unick Forex is an educational platform for sharing content in personal finance, cryptocurrencies, financial markets, and online marketing.
Later, the Sao Paulo Court of Justice ordered to block Unick Forex’s assets. As a result of a request to a client that complained about the delay in withdrawals from the platform. However, Unick Forex is free to appeal the decision. Unfortunately, this is not the first Unick Forex that gets itself in this kind of inconvenience. The company had to pay previously USD 28, 500 to a client who filed a lawsuit against the company for a delay in platform withdrawals.
- Trading Instrument