Customers of recently collapsed cryptocurrency exchange FTX , organized to take legal action against the company. The lawsuit is led by Arthur Mining CEO Ray Nasser and is expected to be sued by clients who held more than $100,000 on the exchange prior to its bankruptcy.
Brazilian customers take action against his FTX
With the recent downfall of crypto exchange FTX, how are customers around the world reacting to the issue? The problem is that I don’t know if I should proceed. The Brazilian is no exception, one of whom has led and organized a group to file a lawsuit against the exchange.
The group is led by Ray Nasser, CEO of Brazilian-led cryptocurrency mining company Arthur Mining. The executive made it clear that even if his company wasn’t exposed to the FTX debacle, he wanted to help those around him who suffered losses.He explained:
My company has no FTX exposure, but we need to support those among our investors and partners who have supported us over the years, and we need to help them as best we can. I have. Possible. Many people were hurt.
Nasser’s class action lawsuit will be filed by his FTX customers who had more than $100,000 of his money on the platform at the time the company’s funds were frozen. The lawsuit will be filed in the United States or the jurisdiction of the Bahamas, whichever country the exchange was headquartered in.
Surprised employee
His FTX head in Brazil, Antonione Neto, reportedly surprised by exchange collapse I was. He believed the company had the liquidity to face massive withdrawals. In a message sent to his Telegram group at the Brazilian exchange on November 11, Neto said he was also a victim of unforeseen circumstances. He said:
All my personal funds and investments were also locked up in FTX. These are losses that are hard to swallow. But the hardest part is the frustration of believing in something and sharing it with family and friends.
According to Coingecko’s report, Brazil ranks him 10th as the country most affected by her FTX bankruptcy. Brazilian users accounted for his 2.8% of the site’s traffic, averaging 134,000 monthly visits. Colombia is her second-ranked Latin American country on the list, accounting for her 1.3% of monthly traffic.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Poetra.RH / Shutterstock.com