Tuesday, August 9

CVM refutes Atlas Quantum and asks for the conviction of Rodrigo Marques in a R$ 3 billion lawsuit

The Brazilian Securities Commission (CVM) rejected Atlas Quantum, which filed a R$ 3 billion lawsuit against the autarchy.

The lawsuit was filed by fintech from São Paulo in August 2021, asking in court that the autarchy be held responsible for its performance, since in 2019 it issued a stop order against Atlas Quantum.

Operating in the Brazilian financial market and raising funds from investors in Bitcoin, Atlas promised income associated with the success of a trading robot, which was fully owned by the company.

According to CVM, this reality is what led the autarchy to alert the market to the risks of the company, which had a nebulous performance in the country.

CVM rebuts Atlas Quantum and says that fintech’s business was not very transparent

In its initial petition, Atlas Quantum sought to sustain that it was a reputable company in Brazil, working to train investors on the cryptocurrency market. However, when CVM acted against the company, it would have been unable to honor its commitments.

In recent days, the CVM then refuted Atlas Quantum and its speeches against the autarchy, as it has police power via rules, and must supervise and regulate the investment market in Brazil.

For the autarchy, the main reason for interrupting Atlas’ operations in Brazil was the operation of its supposed investment robot. According to CVM’s understanding, when offering returns with an arbitration algorithm, which managed investors’ resources, the practice was clearly a collective investment contract.

As Atlas Quantum was not authorized to operate, CVM’s role was to curb new investments in a company with little transparency. O Livecoins had access to the challenge made by the Brazilian Securities Commission, which explained that he had no other option but to issue a precautionary instrument against the alleged fintech from São Paulo.

The exact understanding of the project offered by Atlas Project, made much more difficult by the lack of transparency of the business carried out, the absence of registration with the CVM and the company’s posture in maintaining the publicity of the offer, despite the warning from the Autarchy about the consequences of non-interruption the publicity and regularization of the offer, gave rise to the need for precautionary and urgent action on the part of the autarchy in order to protect the potential recipients of the offer, considering that the passage of time could make the protection of the protected legal asset unfeasible. That is to say, given the unequivocal configuration of irregularity and with a view to safeguarding the rights of investors, CVM had no option other than to, in compliance with its duty, make use of the precautionary instrument that the law grants it in such circumstances“.

CVM expects company that suspended payments to customers to be convicted of bad faith

In addition to defending itself against all accusations made by Atlas Quantum, which asks for R$ 3,167,328,800.00 in repair, CVM countered that it expects the case to be settled without resolution of the merits, in addition to the conviction of the plaintiff for malpractice litigation. faith. The lawsuit was filed by Atlas Quantum and its leader Rodrigo Marques, who disappeared.

CVM expects:

(i) the extinction of the case without resolution of merit, pursuant to art. 495, VI, of the CPC;

(ii) bond requirement, pursuant to art. 83, under penalty of dismissal of the case without resolution of merit, pursuant to art. 495, IV, of the CPC;

(ii) the rejection of all claims made against it by the authors;

(i) conviction of the plaintiff for bad faith litigation;

(ii) condemnation of the plaintiff to pay the loss of suit, including attorney’s fees, pursuant to article 85, paragraph 3, CPC.

The case is still evaluated by the Federal Court of the 3rd Region, being a curious case involving the possible Atlas Quantum pyramid in Brazil.