Understanding how a significant increase in the cash value of the bankrupt FTX could be used to pay off Xland’s debt to players
The case involving the players Gustavo Scarpa, Mayke AND William Bigode could get closer to a solution in the coming weeks. The recovery of the broker cryptocurrencies FTX in the United States, of which the XLand – a company accused of having caused millions in losses to players – declares itself a creditor, it announced it a few days ago and there is the prospect of a reimbursement of the sums with payment of interest and monetary correction.
FTX was declared bankrupt in 2022. In August 2023, XLand published a letter on its social networks stating that it had financial resources allocated to the American broker’s investment platform. Therefore, the defense of Willian Bigode asked the judge of the 10th Civil Court of the Court of Justice of São Paulo, Danilo Fidel de Castro, that FTX be formalized to clarify whether XLand is actually one of the company’s creditors.
“Indeed, only through this measure will it be possible to determine the real existence or otherwise of the financial activities of XLand at FTX. And, if they exist, we may be faced with a solution not only for this process, but also on a global scale for those who sued Xland,” says Bruno Santana, lawyer for Willian Bigode.
According to Bloomberg, FTX will have up to $16.3 billion (about R$84 billion) to distribute among its creditors. The significant increase in cash value, which amounted to $6.4 billion at the beginning of 2024, is due to the appreciation of some cryptocurrencies.
Willian’s defense understands that the measure is advantageous for all parties and waits for Scarpa’s lawyers to accept the request. “They will not suffer any harm from the implementation of the aforementioned measure, indeed, they may be faced with a possible solution,” Santana said. The report of Estadao He tried to contact the defense and Scarpa and Mayke’s advisors, but received no response.
In recent days, the Federal Court of Acre reported that the estimated values of the alexandrite stones do not correspond to what was claimed by XLand and would be insufficient to cover the debt disputed by the players.
In the two lawsuits filed by Mayke and Gustavo Scarpa, XLand’s partners, Jean do Carmo Ribeiro and Gabriel de Souza Nascimento, have not yet been located and, therefore, have not received notification of the lawsuit.
So far, in Mayke’s case, it has been established that 30% of Willian Bigode’s salary at Santos will be deposited in court. The amounts are withheld by the courts until a decision is made to identify those responsible for the coup. Therefore, Mayke currently does not have access to this amount.
Willian Bigode x Scarpa and Mayke: understanding the case of cryptocurrencies
The lawsuit filed by Scarpa and Mayke points out that Willian and his partner Camila Moreira de Biasi suggested investing in XLand, which would offer a return of 2% to 5% on the amount invested. Scarpa invested R$6.3 million, while Mayke and his wife, Rayanne de Almeida, invested R$4,583,789.31.
The problems with XLand began in mid-2022, when Palmeiras players tried to restore profitability, but were unsuccessful after repeated denials and delays from XLand. They later attempted to terminate the contract, but they also did not receive the amount due.
After repeated contact with partners the incident report. Since then, the case has been ongoing in the courts of São Paulo, without a decision on the guilt of the defendants having yet been made.
Source: Terra
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