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28 May 2022
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Black Christmas as Brazilian Bitcoin Exchange Loses Founder in a Car Crash


Luís Augusto Schiavon Ramos, known as Guto Schiavon, the founder of one of Brazil’s largest bitcoin exchanges, was killed in a car accident in Sao Paulo.

A report by local Brazilian news outlet revealed that the accident happened after Schiavon lost control of his vehicle in the rain, before hitting a cargo truck.

Prior to his death, Schiavon was the founder of Foxbit, one of the largest cryptocurrency exchanges in Brazil.

The exchange was launched back in 2014 as a result of a partnership between FoxBit Serviços Digitais and BlinkTrade Inc., a technology provider, and it rose rapidly among the ranks of bitcoin exchanges in Brazil. The Foxbit team has been commended on its work to help give Brazilians a working knowledge of cryptocurrencies.

“We are a family united for an objective: to revolutionize the financial market and to contribute to the growth of the crypto-economy,” Schiavon wrote in his personal bio page on the Foxbit website.

In a statement, Foxbit described Schiavon as an instrumental figure that helped the company to grow into “the largest exchange of Bitcoins in Latin America with more than 400,000 clients and R $ 5 billion transacted.”

“We communicate with deep regret the death of the founder and director of Foxbit Operations, LuĂ­s Augusto Schiavon Ramos, Guto, at the age of 24, on the afternoon of this Tuesday, December 25th, a victim of an automobile accident on the JoĂŁo Ribeiro de Barros -294), in MarĂ­lia (SP).”

Before the death of Schiavon, Foxbit had its fair share of challenges in 2018. Back in March, the exchange’s servers were infected with a bug that allowed users to duplicate their withdrawals, leading to a downtime of 72 hours and a loss of 30 BTC.

Foxbit has also had to fight against oppressive behavior from the financial sector, alongside other Brazilian-based crypto exchanges. One of the country’s most prominent exchanges, Mercado Bitcoin, filed a lawsuit against the ItaĂş Unibanco for closing its bank accounts abruptly. The bank had noted that the company’s accounts were opened without adhering to the country’s anti-money laundering (AML) and know-your-customer (KYC) regulations. As such, they had the power to discontinue the accounts. The Superior Court of Justice, the second highest court in the country, noted in a landmark judgment that financial institutions have the right to close cryptocurrency-related accounts without explanation.

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