Connect with us

Antonio Neto

Brazil Based FTX Customers Organizing To File Class-Action Lawsuit

Published

on

Brazil Based FTX Customers Organizing To File Class-Action Lawsuit

A group of customers of the recently collapsed crypto exchange FTX, is organizing to take legal action against the company. The suit would be led by Ray Nasser, CEO of Arthur Mining, and will be brought by customers who had more than $100,000 on the exchange by the time of its bankruptcy.

Brazilian Customers to Take Action Against FTX

The recent downfall of cryptocurrency exchange FTX has created issues for customers worldwide, who are now not sure about how to proceed regarding this issue. Brazilians are no exception, and one of them is leading a group to organize and exert legal action against the exchange.

The group is led by Ray Nasser, CEO of Arthur Mining, a Brazilian-led cryptocurrency mining company. The executive clarified that even if his company had no exposure to the FTX debacle, he wants to help people around him that suffered losses. He explained:

Advertisement

My company has zero FTX exposure, but we need to be supportive of those who have supported us all these years among investors and partners and help them as much as possible. A lot of people were hurt.

Nasser’s class-action lawsuit will be brought by customers of FTX that had more than $100,000 on the platform at the moment company funds were frozen. The lawsuit will be brought in either the U.S. or Bahamas jurisdiction, the countries where the exchange had headquarters.

Employees Taken by Surprise

Antonio Neto, head of FTX in Brazil, communicated that the downfall of the exchange took him by surprise and that he believed the company had the liquidity to face mass withdrawals. In a message sent to the Telegram group of the exchange in Brazil on Nov. 11, Neto stated he was also a victim of the unexpected situation. He stated:

All my personal funds and investments were also trapped in FTX, these are losses that are difficult to swallow. But the hardest thing is the frustration of having believed in something and shared it with family and friends who were also taken by surprise.

According to reports from Coingecko, Brazil is the tenth-ranked country most affected by FTX’s bankruptcy. Brazilian users accounted for 2.8% of the traffic on the site, with an average of 134,000 visits monthly. Colombia is the second-ranked Latam country on the list, with 1.3% of the monthly traffic.

What do you think about the class-action lawsuit that Brazilians are planning to bring against FTX? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Advertisement
Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons, Poetra.RH / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Advertisement

Top posts

“Metaverse & NFTs Will Change How Employees Experience Rewards And Recognition” Says Sourabh Deorah “Metaverse & NFTs Will Change How Employees Experience Rewards And Recognition” Says Sourabh Deorah
Latest News2 hours ago

“Metaverse & NFTs Will Change How Employees Experience Rewards And Recognition” Says Sourabh Deorah

Employee engagement doesn’t come with a cookie-cutter approach often putting HR managers in difficult situations. Being the most critical factor...

National Bank Of Ukraine Unveils E-Hryvnia Concept National Bank Of Ukraine Unveils E-Hryvnia Concept
cbdc3 hours ago

National Bank Of Ukraine Unveils E-Hryvnia Concept

The central bank of Ukraine has presented to interested parties a draft concept of the nation’s future digital currency, the...

Manitoba Halts New Crypto Mining Projects Due To Expected High Energy Demand Manitoba Halts New Crypto Mining Projects Due To Expected High Energy Demand
Canada5 hours ago

Manitoba Halts New Crypto Mining Projects Due To Expected High Energy Demand

Authorities in Manitoba are temporarily suspending the connection of new crypto mining facilities to the power grid. The Canadian province,...

UNI is ripe for buying opportunities after a bullish crossover, but… UNI is ripe for buying opportunities after a bullish crossover, but…
Altcoins13 hours ago

UNI is ripe for buying opportunities after a bullish crossover, but…

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s...

Compound tightens its rules to prevent Aave-like exploit, details inside Compound tightens its rules to prevent Aave-like exploit, details inside
Aave14 hours ago

Compound tightens its rules to prevent Aave-like exploit, details inside

Compound DAO had voted unanimously to implement changes in the rules of the protocol This move was motivated by the...

Professional Liability Insurance for Traders Professional Liability Insurance for Traders
Uncategorized14 hours ago

Professional Liability Insurance for Traders

Professional liability insurance is a crucial protection for traders, allowing them to safeguard their investments and clients. In addition, without...

Data Shows There’s No Profits Left For Bitcoin Miners That Can’t Obtain Cheap Electricity, Run Efficient Mining Rigs Data Shows There’s No Profits Left For Bitcoin Miners That Can’t Obtain Cheap Electricity, Run Efficient Mining Rigs
Antminer S19 Pro+ Hyd.15 hours ago

Data Shows There’s No Profits Left For Bitcoin Miners That Can’t Obtain Cheap Electricity, Run Efficient Mining Rigs

During the last few weeks bitcoin’s cost of production has been higher than the leading crypto asset’s spot market value...

PancakeSwap’s progress may not sit well with investors, is CAKE the culprit PancakeSwap’s progress may not sit well with investors, is CAKE the culprit
Altcoins16 hours ago

PancakeSwap’s progress may not sit well with investors, is CAKE the culprit

CAKE planning to bring a new Syrup Pool/Farm on PancakeSwap However, days ahead might get harder as metrics and indicators...

MoneyGram Review MoneyGram Review
Uncategorized16 hours ago

MoneyGram Review

1 Minute Review MoneyGram is one of the largest money transfer services in the world, with over 400,000 agent locations....

Where Is The Ethereum Price Headed Next After Clearing This Resistance Where Is The Ethereum Price Headed Next After Clearing This Resistance
Crypto16 hours ago

Where Is The Ethereum Price Headed Next After Clearing This Resistance

The Ethereum price has finally been able to break above the $1,233 resistance mark. Over the last 24 hours, the...

Telegram to build non-custodial wallets and decentralized exchanges, says CEO Pavel Durov Telegram to build non-custodial wallets and decentralized exchanges, says CEO Pavel Durov
adoption16 hours ago

Telegram to build non-custodial wallets and decentralized exchanges, says CEO Pavel Durov

Telegram to build non-custodial wallets and decentralized exchanges, says CEO Pavel Durov Soumen Datta · 1 hour ago · 1...

ECB Blog Post Insists This Is ‘Bitcoin’s Last Stand,’ Officials Claim BTC Is Headed Toward ‘Irrelevance’ ECB Blog Post Insists This Is ‘Bitcoin’s Last Stand,’ Officials Claim BTC Is Headed Toward ‘Irrelevance’
"Bitcoin’s Last Stand"17 hours ago

ECB Blog Post Insists This Is ‘Bitcoin’s Last Stand,’ Officials Claim BTC Is Headed Toward ‘Irrelevance’

On Wednesday, Nov. 30, 2022, a blog post published by the European Central Bank (ECB) discusses bitcoin and the authors...

XeggeX sets industry standards for exchange transparency XeggeX sets industry standards for exchange transparency
Exchanges17 hours ago

XeggeX sets industry standards for exchange transparency

Disclosure: This is a sponsored post. Readers should conduct further research prior to taking any actions. Learn more › The...

Binance Coin (BNB), Polkadot (DOT), And Bitgert (BRISE) Price Prediction This December – Investors Will Love This Binance Coin (BNB), Polkadot (DOT), And Bitgert (BRISE) Price Prediction This December – Investors Will Love This
Uncategorized18 hours ago

Binance Coin (BNB), Polkadot (DOT), And Bitgert (BRISE) Price Prediction This December – Investors Will Love This

Binance Coin (BNB), Polkadot (DOT), and Bitgert (BRISE) Price Prediction This December – Investors Will Love This The last month...

Coinbase Drops XRP & Other Tokens, Cites Low Activity Coinbase Drops XRP & Other Tokens, Cites Low Activity
Coinbase18 hours ago

Coinbase Drops XRP & Other Tokens, Cites Low Activity

As the FTX saga continues, all eyes are on crypto exchanges: Coinbase, Crypto.com, Binance and the like all have hefty...

Crypto exchange Kraken to start layoffs as crypto winter persists Crypto exchange Kraken to start layoffs as crypto winter persists
crypto exchange19 hours ago

Crypto exchange Kraken to start layoffs as crypto winter persists

Kraken plans to lay off nearly 30 percent of its overall headcount because of crypto winter The company is providing...

Biggest Movers: LTC Nears 6-Month High, As Near Rebounds From Recent Lows Biggest Movers: LTC Nears 6-Month High, As Near Rebounds From Recent Lows
Analysis19 hours ago

Biggest Movers: LTC Nears 6-Month High, As Near Rebounds From Recent Lows

Litecoin has been a notable mover on Nov. 30, as the token edged closer to a recent six month high....

Kraken to layoff 1,100 people to ‘adapt to current market conditions’ Kraken to layoff 1,100 people to ‘adapt to current market conditions’
Bear Market19 hours ago

Kraken to layoff 1,100 people to ‘adapt to current market conditions’

Kraken to layoff 1,100 people to ‘adapt to current market conditions’ Samuel Wan · 7 hours ago · 1 min...

Trending

Free Bitcoin MiningEarn from $50 to $75 daily with just your phone