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A group of customers of the just recently collapsed crypto exchange FTX, is organizing to take legal action versus the business. The match 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 personal bankruptcy.

Brazilian Customers to Take Action Against FTX

The current failure of cryptocurrency exchange FTX has actually developed concerns for customers worldwide, who are now unsure about how to continue concerning this problem. Brazilians are no exception, and among them is leading a group to arrange and apply legal action versus the exchange.

The group is led by Ray Nasser, CEO of Arthur Mining, a Brazilian-led cryptocurrency mining business. The executive clarified that even if his business had no direct exposure to the FTX fiasco, he desires to assist individuals around him that suffered losses. He described:

My business has absolutely no FTX direct exposure, however we require to be helpful of those who have actually supported all of us these years amongst financiers and partners and assist them as much as possible. A great deal of individuals were harmed.

Nasser’s class-action lawsuit will be brought by customers of FTX that had more than $100,000 on the platform at the minute business funds were frozen. The lawsuit will be generated either the U.S. or Bahamas jurisdiction, the nations where the exchange had head offices.

Employees Taken by Surprise

Antonio Neto, head of FTX in Brazil, interacted that the failure of the exchange took him by surprise which he thought the business had the liquidity to face mass withdrawals. In a message sent out to the Telegram group of the exchange in Brazil on Nov. 11, Neto specified he was also a victim of the unforeseen circumstance. He specified:

All my individual funds and financial investments were also caught in FTX, these are losses that are challenging to swallow. But the hardest thing is the disappointment of having actually thought in something and shared it with friends and family who were also taken by surprise.

According to reports from Coingecko, Brazil is the tenth-ranked nation most impacted by FTX’s personal bankruptcy. Brazilian users represented 2.8% of the traffic on the website, with approximately 134,000 gos to month-to-month. Colombia is the second-ranked Latam nation on the list, with 1.3% of the month-to-month traffic.

What do you think of the class-action lawsuit that Brazilians are preparing to bring versus FTX? Tell us in the comments area below.

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