Cruzeiro Esporte Clube, one of the biggest football teams in Minas Gerais, is suing the Brazilian cryptocurrency that allegedly created its fantoken. According to the club, there are multiple clauses in the contract that have been violated and terminating the contract is essential.
With a history of glory in tournaments in Brazil and continental, Cruzeiro currently competes in the Série B of the Brazilian Championship. At the end of 2021, the club attracted attention when it was taken over by former player Ronaldo “Fenômeno”, the fan idol and five-time champion of the Brazilian team.
Seeking to rebalance the accounts and grow again after years of a bad phase, Cruzeiro then followed the path of other Brazilian clubs in search of their fantoken. However, the launch did not work and reaches the courts.
Cruzeiro sues Brazilian company and cryptocurrency that would launch its fantoken
Cruzeiro Esporte Clube has filed a lawsuit against the companies FAARO and Lunes, the latter a Brazilian cryptocurrency. According to the first petition, the intention is to cancel the launch of the Cruzeiro Fan Token (CRZ), which was to be launched on the Lunes network.
The partnership provided the issuance, custody and platform for trading the phantoken, via the LunesPay app and listing on the Lunes wallet. The whitepaper and images, in addition to creating communities for the project, would also be in charge of the contracted companies.
In addition, Cruzeiro claims that it should have received BRL 5 million as a minimum payment, with another BRL 1 million due by December 15, 2021, which was not the case.
On December 20, 2021, a presale of the CRZ token also yielded no information to Cruzeiro. In March 2022, the launch of the Cruzeiro fantoken was done unilaterally by the contracted companies, with the club repeatedly asking for clarifications about the practice.
A sale scheduled for March 2022 was then embargoed by an order from Cruzeiro and until today, according to a question from the live coins, remains suspended. The decision was given by the judge of Belo Horizonte, Lílian Bastos de Paula.
“For the foregoing, I grant the provisional injunction, in line with art. 305 and following of CPC/15, to determine the suspension of the sale of Fan Tokens by the defendants, scheduled for 03.05.2022.”
Cruise calls for urgent contract cancellation
With the confusion reaching the courts, Cruzeiro asked in his trial last Monday (23) urgentlythe termination of the contract with FAARO and the Brazilian cryptocurrency Lunes.
If the court decides not to grant the club’s request, Cruzeiro’s defense asks that the tokens and NFTs be marketed only by the club, suspending the contract clauses. This process is not a secret of justice and both sides are called upon to manifest.
“In addition, if the request for contractual termination is not granted, requires that the negotiations of the Tokens and NFTs be authorized by the Club, suspending the eighteenth and nineteenth clauses of the contract discussed herein.”
What do the Cruzeiro-activated companies say?
the report of live coins sought out both companies that had been activated by Cruzeiro for demonstrations, although neither had issued a statement explaining their closure. The space will remain open for demonstrations.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
