A decision by the São Paulo court ordered Nubank and a “Hardware Wallet” to block BRL 1 million worth of a company’s cryptocurrencies.
It all started because one of the company’s partners borrowed R$560,000 from an ex-girlfriend. She believed her boyfriend’s word and lent the man money from her inheritance, in return she received checks.
However, when attempting to cash the checks, the woman was unable to access the money, as there was no money left for the money orders. She took note of the situation and filed in court in 2011 to get the money back, but was never able to get the values back.
Since 11 years have passed since the first petition, the amounts in the case have already been upgraded to R$1,140,749.25.
Justice Orders Hardware Wallet And Nubank To Block BRL 1 Million In Cryptocurrencies
After his debt was admitted by the courts in recent years, the investor who sued the company was even told that the partner is not authorized to take out loans on behalf of the CNPJ. Still, the case remains against the company he is a partner in and issued the checks to the woman he once dated.
Now she is looking for assets that can be pledged to get her money back. In another attempt, she tried to find assets on behalf of the company, but the court did not agree to the search for those assets.
In addition, she was trying to search for cryptocurrencies on behalf of the company, when the court delivered a surprising ruling. Indeed, the decision corresponds to the sending of letters to some companies and even a portfolio to block the values to be found.
And one of the official ones was an alleged company “HardWallet”, next to Nubank, an institution that does not yet work with cryptocurrencies.
“Official to HARDWALLET, CORRETORA FOX, BITICOINS, BRASIL IEX, NUBANK, GET NINJA to inform this court if the debtor has cryptocurrencies and, if so, to execute the block, up to the value of the foreclosure.”
Lock hardware wallet?
The case certainly shows that either the woman’s defense has failed to substantiate the case, or the decision maker is unaware of the technology used to make the decision.
That is because Hardware Wallet is not a traceable company, it is a type of wallet in which a cryptocurrency holder can keep their assets. Like a flash drive, these devices are a kind of vault for cryptocurrencies, which only the person with the password can access.
So even if the decision was favorable to the woman, it is unlikely that she will have any value derived from this location. Even if the hardware wallet manufacturer’s decision is official, the password is unique and exclusive to each device.
This is not the first controversial decision the judge has already issued, as a judge in 2020 asked Bitcoin.org information site to reveal the assets of a Brazilian.
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.