Atlas Quantum, a suspected pyramid operation and Brazilian cryptocurrency exchange, delayed Bitcoin withdrawals by rejecting court deadlines that would have resolved the issue.
Atlas Quantum’s Organized Financial Pyramid
As recently reported in Brazil on September 17th, the country’s Federal Court issued a ruling that any activities related to cryptocurrency at Atlas Quantum could be considered a financial pyramid. It was decided that the company’s bank accounts and assets would be frozen immediately and that they would only have 2 days, or 48 hours, to resolve all of its outstanding accounts.
On September 18th, Atlas Quantum responded to the court’s deadline and ruling by indicating that there isn’t a definite deadline that necessitates any resolution to the late withdrawals by a certain date.
The company goes on to state that they disagree with Brazil’s federal court ruling that claims they are participating in a pyramid scheme. The cryptocurrency exchange says they are fully committed to resolving their current issues.
Rodrigo Marques, the CEO of Atlas Quantum, launched the Brazilian exchange in 2015. He attempted to keep the withdrawal crisis the company is currently dealing with at bay.
Brazilian Courts Go after Atlas Quantum’s For Suspected Pyramid Schemes
Another recent report found that a Rio de Janeiro court had ordered Unick Forex, a suspected investment scheme, to pay a client in a lawsuit against Atlas Quantum $28,500 for a delay in moral damages and platform withdrawals. The judge presiding over the case made a default judgement, which meant that Unick Forex didn’t show up to defend its case in court.
Additionally, Sao Paulo’s State Court of Justice has been going after cryptocurrency companies. They have made block requests to numerous Bitcoin trading corporations including Atlas Quantum. The courts are also looking for any virtual assets Miner might have, which would be considered another secret pyramid scheme at the financial level.