Brazilian Investor Loses Nearly R$600 Billion in Crypto Due to Lack of Contract
A Brazilian investor has suffered a staggering loss of R$599.9 billion in cryptocurrencies after failing to provide the necessary legal documentation in court. Despite claiming to have invested through two cryptocurrency firms, the investor was unable to establish a consumer relationship, as the only evidence he presented was a bank statement—which the court deemed insufficient.
Court’s Verdict: Contracts Are Essential
The ruling emphasized that a formal contract is crucial to prove an investor's association with a crypto company. In the absence of such an agreement, the court rejected the investor’s claim, highlighting that a bank statement alone does not confirm a legal obligation between the parties.
Case Overview & Implications
The investor alleged that he bought cryptocurrencies in October 2019, successfully selling some in late 2020. However, he claimed that the involved companies failed to uphold their commitments and eventually vanished, leaving him unable to access his funds. One of the implicated firms, 3xBit, a known crypto trading platform, has not issued a response regarding the case.
This ruling sets a strong precedent for cryptocurrency investors, underscoring the importance of clear, legally binding agreements when engaging with trading platforms. Investors must ensure they have proper contracts to safeguard their assets and avoid legal pitfalls. 🔍💰