Justice blocks R$27 million from a company that promised 250% profit from NFTs

In an action coordinated by the Public Prosecutor’s Office of Santa Catarina (MPSC), the Court blocked R$27.4 million in assets of leaders and companies linked to the terrorist movement. X Capital Bank solutions and technology. The measure is part of Operation Cripto

The 29th Capital District Public Prosecutor’s Office, responsible for public civil lawsuits, seeks to prevent the dissipation of the assets of those involved and thus guarantee the possibility of reimbursement to the victims of the scheme.

At the same time, the Public Prosecution Service also initiated criminal actions against the operators of the alleged pyramid, accusing them of crimes against the popular economy and the formation of a criminal organization.

The frozen assets include financial assets in banks, real estate, vehicles and shares of eight people and fourteen companies. These entities, so-called facades, were created on similar dates, operated at the same address and had no associated employees.

Operation Crypto

Operation Cripto

According to studies, the company attracted customers with promises of high returns, up to 20% per month, through investments in non-fungible tokens (NFTs).

In one of its promises to customers, the company offered an NFT worth R$10,000, which could be redeemed at the end of the twelve months for R$35,000. In other words: 250% return per year.

Initially, the return promises were fulfilled, but in December 2022 the company owner informed investors about liquidity problems and difficulties in repatriating funds from foreign brokers.

When he tried to explain himself publicly, the company director blamed the bankrupt American broker FTX. According to the company, the values ​​​​of the customers were in FTX and that is why the problems started.

Investigations revealed that the group allegedly collected millions of reais from various victims between 2022 and 2023, with losses estimated at more than R$19 million.

Prosecutor Wilson Paulo Mendonça Neto explained that a financial pyramid is an unsustainable business model that depends on the constant recruitment of new participants. When the building collapsed, the offices were closed and those responsible broke off contact with the victims.

In the public civil proceedings, the 29th Public Prosecutor’s Office asks the company and those under investigation to reimburse the amounts invested by the victims, in addition to compensation for moral damage and collective moral damage to society (ACP No. 5098126-82.2023.8.24.0023).