Brazil’s Atlas Quantum, a Bitcoin Trading Firm, Has 1 Day to Give Back Investors’ Money Over $250K of BTC
A court in Brazil has given 24 hours for a company operating in automated bitcoin to refund the money to the two investors it has. In the past few years, Atlas Quantum platform as allegedly faced a lot of difficulties withdrawing funds and making profits since the securities regulator in the country took strict action against it in August.
In a BelnCrypto Brazil report, the Atlas Quantum will have to deposit a total of $250,000 in bitcoins to refund its two aggrieved investors. One of these investors has been in and out of court on the issue since the 4th of September, 2019.
This company is based in Brazil and is responsible for identifying prices and differences in in price in cryptocurrency trading across the various trading avenues on behalf of its customers. The company will then buy a digital asset at the lower price and sell it to customers at a higher price to make a profit.
“For one, two or three people it is possible to do the operation on time. However, as there are many clients, it is difficult to get the same values for all and, in this case, the investor can lose money.”
According to the bitcoin expert Guilherme Reis, this type of business can truly generate huge profits. Although, the methods are less effective the more people do not buy the bitcoin. Suddenly there are huge amounts of pressure to sell and still make profits to appease the investors. Lack of the necessary withdrawals has led the company’s investors to take the drastic measures.