Co-Founder of the largest Brazillian Bitcoin Exchange Gustavo Schiavon passed away
Foxbit Co-Founder, Gustavo Schiavon, has recently died in a car accident. This is very sad news for crypto industry. The location where the accident occurred lies between Marilia and São Paulo capital. The reason behind the accident was a cargo truck which hit the car, resulting to a massive accident. The accident occurred during heavy rain which is supposed to be the key reason of this massive car accident.
The blow of the cargo truck caused massive damage to the car in which Schiavon was sitting with his girl friend Ariadny Rinolfi. She has been saved and admitted to hospital though, she is currently in serious condition.
Addition to Schiavon, another person was also killed in the accident because it damaged two trucks and two automobiles in total.
Schiavon established Foxbit in 2014 and the positive crypto market helped the company increase its business speedily. Later Foxbit was known as one of the largest BTC exchanges in Brazil. Except Schiavon, there were three more Co-Founders that include Marcos Henrique, João Canhada, and Felipe Trovão.
Since last four years, the development team of Foxbit exchange performed very well and received several awards for their innovative work. Their popularity in crypto community had been increased so much that Foxbit did business very well even in bad market condition.
The hackers cracked the security of Foxbit earlier this year and stole one million USD from there. However, the company had enough fund to fight the situation. They refunded the entire fund to its customers who lost their money in the attack.
Unfortunately, in 2018 one of Brazil’s banks decided to shut down Foxbit’s account due to increasing case of money laundering. According to them, anti-social people could have used the crypto exchanges for their illegal work.