Brazillian Bitcoin Exchange Facing Several Lawsuits by Clients

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Brazillian Bitcoin Exchange Facing Several Lawsuits by Clients who experienced inaccessible crypto funds

Based on the reports of Cointelegraph Brazil last June 18, clients from Brazilian Bitcoin Exchange have reportedly filed complaints against Bitcoin investment company Bitcoin Bank Group, due to inaccessible cryptocurrency funds

The filed lawsuits have allegedly regarded the issues of users that were not able to withdraw funds from Bitcoin Bank Group’s associated crypto exchange NegocieCoins, based in Paraná.

As of the press time, NegocieCoins page on cryptocurrency market information site CoinMarketCap points out the following message about the current issue:

“We had received reports which state that user withdrawals and deposits are blocked. Please be cautious of your funds.”

Some customers who were not able to withdraw their funds are reportedly trying to liquidate their assets in a massive discount. They offer to sell their locked Bitcoins (BTC) on various social media platforms for an astonishing 90% off.

Several lawsuits have allegedly come in from ten states, which includes Rio de Janeiro, São Paulo, and other more.

NegocieCoins has allegedly been facing controversies with the crypto exchange theft from May. In addition, Negociecoins is reportedly citing malicious activities on the crypto exchange as the main reason for the impeded withdrawals. The BBG (Bitcoin Bank Group) commented on the issue and said:

“The firm has never declined services to its users, and always prioritize good relationships. In spite of the attacks hurled against the platform, our team excelled in conflict and service resolution, as well as in promoting solutions for all situations raised by users who entrusted their investments with it. Additionally, the Bitcoin Bank Group already acts decisively in an attempt to resolve the issue, and would take steps to resolve any misunderstanding which clients may have experienced.“

Bitcoin Bank Group (BBG) has allegedly been conducting investigations of the attacks. In addition to the reports, BBG has blocked a total of 2,568 accounts, then forwarded related information to the police.

The Block has included NegocieCoins as one of the 48 crypto exchanges for fake crypto trading volumes analysis. The analysis has focused on the monthly traffic of the exchange from November of 2018 to April of this year in order to get a grasp of real trading volumes in the crypto market.

Brazilian officers from the financial sectors and the government are teaming up in order to make “sandbox model” for the regulation of cutting-edge techs, like the (AI) artificial intelligence and the blockchain.

 

 

 

 

 

 

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