Bitcoin
$ 30,255.00 3.23%
Ethereum
$ 2,033.30 3.21%
Solana
$ 51.76 4.14%
Dogecoin
$ 0.087256 2.72%
ApeCoin
$ 8.08 3.74%
STEPN
$ 1.43 6.03%
Terra
$ 0.000194 75.29%

Brazilian bitcoin arbitrage unable to support withdrawals has been ordered to return funds under 24-hours

Trump 9 2

Brazilian judicial court has given a 24-hour deadline to an automated Bitcoin arbitrage to return the funds of two investors. 

Bitcoin arbitrage to return user funds within 24-hours

The arbitrage Atlas Quantum platform has been facing issues with withdrawals since August after regulators took action against it. Reportedly the company will have to deposit quarter million dollars worth of Bitcoin to refund the two investors. One of these investors has been waiting on a withdrawal since September 4.

Atlas Quantum is an automatic Bitcoin arbitrage trading service. The service collects data from a multitude of crypto trading venues and identifies price differences across those venues. Then the service automatically purchases digital assets at a low price and then sells it at a higher price.

Expert Guilherme Reis has analyzed the service and concluded that these systems could be used to generate incomes. However, these systems become less effective as the number of users increases. This is because an abrupt increase in buying pressure at the lower-priced exchange and selling pressure at the high-price exchange moves the two prices together.

Atlas Quantum platform had advertised the service by claiming that users can earn substantial risk-free profits and withdrawals within 24-hours. Brazil’s security regulator intervened in the company’s operations in August as the number of people requesting withdrawals from the company continued to rise. Reportedly, these requests have caused international exchanges to suspect the platform for fraudulent activity and have restricted the outflow of cash.

Entities that are unable to withdraw funds are trying various methods to reduce the damage. Some individuals have even sold their Bitcoin for 80 percent of the market value.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

Related News

Hot Stories

Ethereum wipes out $8.10B while eagerly awaiting 'The Merge'
Shiba Inu price analysis: SHIB devalues at $0.00001150 after bearish run
Crypto exchanges are relisting LUNA after the crash
Nox Bitcoin, a Brazilian crypto exchange, refunds customers UST at $1
Ethereum founder confesses how he has been affected by the crypto crash

Follow Us

Industry News

Crypto exchanges are relisting LUNA after the crash
TAG Heuer adopts crypto payment option
Nox Bitcoin, a Brazilian crypto exchange, refunds customers UST at $1
Ethereum founder confesses how he has been affected by the crypto crash
OpenSea launches Seaport NFT marketplace