A curious case in the Brazilian justice system since 2018 gained new developments this Thursday (15th), after a bitcoin exchange obtained authorization to have a technical expert in a case that seeks to recover a large loss.
According to a new court decision in the case, the court requested that a technical expert present themselves within 10 days. From the date of commencement of work, they must produce an expert report within 30 days to collaborate with the case.
The costs of hiring the expert must be paid by the bitcoin exchange, as it is the plaintiff in the request.
After manual deposit verification causes error, bitcoin exchange tries to recover losses
In 2018, the cryptocurrency market was experiencing one of its hottest moments, after the big rise of 2017, when bitcoin reached $20,000 for the first time. In that year, however, many liquidated their positions and the price of bitcoin fell close to $3,000 in November.
Without great infrastructure, many exchanges even paused registrations for new investors and were still looking to improve their technologies. In other words, the Brazilian crypto market was still in its initial phase and with high demand.
And in May, a company deposited R$ 1,095,000.00 in the bitcoin exchange, which still verified the deposit manually at the time. Thus, the person responsible for approving the deposit ended up typing R$ 1,905,000.00, that is, R$ 810,000.00 more than actually transferred.
With the extra difference in its account, the company quickly bought 78 Bitcoins, with a balance of R$ 2,725,000.00, the result of the sum with other deposits. Since then, the exchange has tried to recover the loss by asking its client to return the extra balance, which it never managed to do.
At one point, the person responsible for the company returned 2 BTCs, but still owed R$ 758,812.00. In court, the exchange hopes that the expert hired in the case will prove bad faith on the part of its client, who appropriated an error in the system to profit from the company.
The case remains under analysis in the civil court of justice of São Paulo, with Judge Guilherme Rocha Oliva. The defendant company in the process had its data hidden by the report, although the process is public.
Misappropriation?
In Brazil, the legislation acts clearly in cases of crimes of misappropriation. In cases that proceed when banks deposit incorrect amounts into their customers’ accounts, for example, the processes can give the institutions a win.
However, the court continues to analyze the case and the expert evidence may help the exchange recover its loss, which has been suffering for more than seven years.
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