The Afro-Brazilian Research and Studies Institute (Ipeafro) is one of BWA’s creditors. The company, which promised high yields through cryptocurrency arbitration operations and failed to pay customers, withheld R $ 600,000 from the entity.
Ipeafro is now trying to recover this value in court, as well as other investors affected by the crisis at BWA, through a process that runs in the Foro de Santos (SP) – city in which the company is based.
A survey of the Bitcoin Portal pointed out that, until January 15, BWA was the target of 110 processes that, together, totaled more than R $ 30 million. Some of them even involve NegocieCoins, Bitcoin Bank exchange, and BAT Exchange.
According to the case file, it was through NegocieCoins that the
Ipeafro invested the R $ 600 thousand in crypto in BWA. The income from that
application – about R $ 50 thousand monthly – were used by the institution to
maintenance of its activities.
Headquartered in Rio de Janeiro, Ipeafro is a civil association
non-profit oriented to the valuation and preservation of cultural expressions
of Afro-descendant populations.
The social character of the institution and the importance of values
retained were cited as arguments for Ipeafro to request gratuity in the
process, which was denied by Justice.
In the order that brings the decision, Judge Glauce Helena
Raphael Vicente Rodrigues mentioned that the amount invested, of R $ 600 thousand,
the fact of being in a cryptocurrency broker, do not justify the gratuity.
With the gratuity denied, the process is paralyzed,
since Ipeafro would be responsible for bearing the costs of processing.
Wanted, Ipeafro did not respond until publication of this report. BWA, at the moment, does not even have a communication channel.
Understand the BWA case
Led by businessman Paulo Bilibio, who has a history of involvement with another financial pyramid, BWA was aimed at a select audience of customers, since the initial investment in cryptocurrencies was R $ 30,000. Looting has been blocked since last December.
Months earlier, in October, a race for withdrawals began shortly after the news surfaced that Bilibio was kidnapped by police in November 2018. The principal would be an alleged creditor who accuses the owner of BWA of being the true owner of the Bitcoin Group. Banco, another company accused of being a financial pyramid and which is undergoing judicial recovery.
Bilibio told the police that he now lives in Florida, in the United States. Meanwhile, BWA remains in debt to associates and threatened with eviction from its headquarters in Santos.
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