One the four co-founders of Brazil’s largest crypto exchange Foxbit. has passed away due to a car crash near the country’s capital Sao Paulo.
The accident was reported to have taken place between the car that 24-year-old Gustavo Schiavon, was driving when he lost control during heavy rainy weather and collided with a truck. The only one to survive the collision was his girlfriend, Ariadny Rinolfy, who was with him during the time of the accident, although she is currently in intensive care.
Schiavon was a well-known name in Brazil for co-founding Foxbit during 2014, which has become one of the country’s largest BTC exchanges earning prestigious prizes for innovative development. The exchange was all over the news this year, due to having been hacked for a total of $1 million, but continued to remain in business whilst refunding customer losses.
In more recent news, Brazilian banks have attempted to close down Foxbit in a resulting lawsuit against the bank for attacking customers rights. This unsuccessful lawsuit leads to a large number of Brazilian banks to begin denying services to exchanges and shutting down even more accounts based on the belief that they were a haven for money laundering schemes. Ever since this ordeal, exchanges have expanded their reach beyond traditional banking in order to find a solution to this problem.
While it’s a shame that this brilliant person has passed on due to an unfortunate accident, his work will continue to live on through Foxbit. While it may be struggling due to the actions of local banks denying services, Foxbit still remains a big contended among exchanges and will continue to strive as they improve their infrastructure.