Black Christmas as Brazilian Bitcoin Exchange Loses Founder in a Car Accident

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

Schiavon was said to have lost control of his car due to slippery road cause by a heavy downpour, before hitting a cargo truck.

Before his untimely death, Schiavon was the founder of Foxbit, a bitcoin exchange in Brazil. He launched FoxBit Serviços Digitais officially after partnering with BlinkTrade Inc., a technology provider; however, the firm rose so fast, it is ranked amongst the top exchanges in Brazil.

Foxbit team received a lot of commendations on its works in for giving 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 issued by Foxbit, Schiavon was deacribed 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, Luís 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 João Ribeiro de Barros -294), in Marília (SP).” Before the death of Schiavon, Foxbit had its fair share of challenges in 2018.

It would be recalled that in March, Foxbit’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. The firm had also had issues with people in the financial sector alongside other Brazil-based cryptic exchanges, who sought to oppress them.

The Superior Court of Justice, the second highest court in Brazil, also ruled that financial institutions have the right to shutdown cryptocurrency-related accounts without explanation.

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