In Florianopolis, Firm Promising to Profit From NFTs Shuts HQ and Revolts Customers

A company suspected of using cryptocurrencies and NFTs for financial pyramids in Florianopolis has attracted investors with the promise of 10% per month. Now, it has closed its headquarters and no longer serves clients worried about losing money.

The company in question is X Capital Bank, which has not honored investor withdrawals in recent months. Funding for the business was carried out in a commercial building in the Santa Catarina state capital, but the company suddenly closed.

In an attempt to explain itself publicly, the head of the business blamed bankrupt US brokerage FTX. According to the company, customer value is on the platform, which is why the problem arises.

Santa Catarina State Department of Public Affairs Investigates X Capital Bank for possible financial pyramid crimes

On March 10, the Santa Catarina State Attorney’s Office (MPSC) filed a Notice of Facts Criminal with X Capital Bank Soluções e Tecnologia Ltda.

Initially, the authorities investigated the performance of the companies involved for crimes of embezzlement of public funds and crimes against the public economy. Their representatives were also among those surveyed.

The action comes after several individuals seeking MP’s PROCON filed a complaint against the firm, which previously offered investments in the cryptocurrency market.

10% of the monthly pledge occurs to customers who have purchased the company’s collection of NFTs. In one of its commitments to customers, the company offered NFTs worth R$10,000, which can be bought back at R$35,000 at the end of 12 months. That’s a 250% annual rate of return.

X Capital Bank promises astronomical returns in the NFT market. Replication: Social Networking.

According to the MPSC, the preliminary findings indicated that the company provided good returns to investors. However, since they did not materialize, the company withheld the amount, claiming that the losses occurred after venture capital operations.

Police call to investigate

With the presence of the MPSC, the Civil Police of Santa Catarina State also received information about the case, so the police could open an investigation into the company.

Prosecutor Wilson Paulo Mendonça Neto, who is also launching civil proceedings, is trying to find out whether a possible financial pyramid is at work in other cities in the region. If fraud is confirmed, leaders may pursue criminal and civil responses to the case.

In Reclame Aqui, the person in charge of X Capital Bank responded last Monday (13th) to a customer who claimed to be unable to access the NFT collectibles he had purchased with the company. In response, the company asked customers in San Jose (SC) to check their emails for actual business conditions from December 2022.

X Capital Bank stated that customers should pay attention to emails to understand the company’s situation. The headquarters is no longer established, and the website is also unavailable. Credit: Claim here.

If the financial coup is confirmed, the case could join Brazil’s slew of plans to use the image of cryptocurrencies. Clients with questions about the MP program can contact us by email at [email protected] or by phone at (48) 3330-2570.

Source of information: Compiled from LIVECOINS by 0x Information.Copyright belongs to the author, without permission, may not be reproduced

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