The client won the right to recover his balance held in the company, however, it was Atlas that won.
A client of Atlas Quantum, who promised income from Bitcoin in Brazil, may lose R$160,000 with a court ruling in his favor. This is because since October 2020, when the courts ordered payment, the price of Bitcoin has risen tremendously. The client’s balance, which used to be equivalent to R$ 103,000, today would be R$ 267,000.
In theory, Atlas can pay the client in Reais and keep the profits that Bitcoin has had since the court’s decision.
It all started with a client who invested his digital coins in the company, but was unable to make the withdrawal. Atlas, based in São Paulo, promised looting within 24 hours of the request.
However, since the CVM issued a stop order against the business, the customers were no longer able to withdraw money from the platform. In the Brazilian justice system, several of the company’s clients are asking for their securities.
In a recent lawsuit, a client won the right to withdraw his balance in court.
After a favorable court ruling, a client of Atlas Quantum may lose up to R$160,000
A court ruling against Atlas Quantum proved to be somewhat bad, despite the client’s victory.
Published in the Diário da Justiça on Wednesday (20), the decision in a case (no. 1101923-48.2020.8.26.0100) before the TJSP left open a possible significant loss for a client of Atlas.
In the withdrawal request, made by the client in October 2020, the company would not have honoured the deadline of one day after the request. The client would have within the platform 1.44 BTC, which in October 2020 were valued at $ 103,000.
„At the time of the withdrawal request denied, October 21, 2020, 1.44775406 bitcoin, was worth 103,650.91,“ the case dispatch states
As fintech did not process the loot, the client appealed to the courts to recover his digital assets. In requesting the loot as a matter of urgency, the judge who handled the case granted the Atlas Quantum client’s request.
„For these reasons, I grant the injunction of urgency to determine that the requested party provide the requested withdrawal, with the deposit of the amount of R$ 103,650.91, within five days, under penalty of a daily fine of R$ 1,000.00 limited to R$ 100,000.00, serving the Bitcoin Revolution platform present as a letter to be forwarded by the party itself, without prejudice to possible blocking via BACENJUD, in case of non-compliance, request to be reiterated by the plaintiff in due time,“ the judge granted
Atlas can pay in Real what it owes to the client
As it went to court in the consumer protection court, as an abusive practice, the judge granted the request pointing out that Atlas has been leaving its customers helpless and may even be insolvent.
„The danger of damage stems from the possibility that the defendant may unduly appropriate the amount pursued and in a definitive manner, considering that it is a well-known fact that has left its customers helpless, revealing insolvency“, quoted the judge who examined the case
As the judicial decision may be paid in Real or Bitcoin, Atlas Quantum’s client may lose up to R$ 160,000 if the company chooses to pay in Brazilian currency.
This is because, since October 2020, the price of Bitcoin has increased tremendously. The customer’s balance, which used to be equivalent to R$ 103,000, today would be R$ 267,000, considering the price of Bitcoin today.
In other words, Atlas Quantum chooses to reimburse the customer the R$ 103 thousand, in its bank account, the customer will receive the equivalent of 0.55 Bitcoins. The court decision was rendered urgently, but Atlas may still appeal the decision, within 15 days, by letter.