Gustavo Schiavon, Co-Founder Of Foxbit Crypto Exchange, Dies At Age 24 After Car Accident

Gustavo Schiavon, Co-Founder Of Foxbit, Dies At Age 24 After Car Accident

Though the crypto industry was hit with many highs and lows this year, one of the most heartbreaking moments happened was only reported days ago – the death of the largest Brazilian Bitcoin exchange founder in the world, Gustavo Schiavon.

Known more commonly as Guto, the founder was in a car accident in São Paulo. Due to heavy rains in his travel between Marília City and São Paulo, Schiavon’s car hydroplaned, leading to a collision on the back end of the vehicle by a large cargo truck. The impact was so intense that the vehicle was crushed into a fraction of its original size.

Also, in Schiavon’s vehicle was his girlfriend, Ariadny Rinolfi. Rinolfi luckily survived the impact, but presently is being treated at a hospital in São Paulo. Reports indicate that she is presently in “serious condition” and is in intensive care. The collision involved two passenger cars and two large trucks. Of the other cars, one other fatal victim is being reported right now, but additional details have not yet been made available.

News of this fatal accident was reposted on Reddit, where many users expressed their condolences. Though some of the comments were unsavory, one user pointed out the risk that crypto leaders have in Brazil when they have financial success, saying that these people “need lots of armed security 24/7.”

Schiavon launched and founded his Bitcoin exchange, Foxbit, four years ago. It quickly grew to be the biggest Bitcoin exchange in all of Brazil. Though it was hit with a hacking attack in March this year, Foxbit managed to have enough reserves to avoid a situation like Mt. Gox, and they worked to cover the losses in the customers’ balances.

This year, Foxbit also became the subject of a substantial lawsuit against a bank, which decided to shut down their account as a result of their “concerns over money laundering security.” No evidence arose, but the bank held its stance that they maintained the right to shut accounts if they believed that it might “pose risks” in any way.