The XXXII Chamber of the Private Law of the Court of Justice of São Paulo upheld a decision to block R$10,000 from an investment company linked to the game Mavjavu, which promised to buy back rare items from its players, but closed its doors without explanation.
The public offer to buy back crypto assets would have raised about 10 million USD from consumers, mainly Brazilians. The promise was that, as you play, you can get unique items, also called NFTs (English acronym for Non-fungible symbolor a non-fungible token in a free translation) which will be repurchased by the company.
However, the creator of the Brazilian game was headquartered outside Brazil, in the British Virgin Islands, and had no legal personality of his own. With this in mind, the Second Civil Court of Santana de Parnaiba (SP) blocked the trustee from an investment company that was going to make a financial contribution to the project.
“Such elements, together with the opaque announcement of the closure of the NFT buyback position, the unavailability of buying cryptocurrency assets (mafagolds) and the utter disregard for the numerous complaints from the platform’s clients, point to evidence of fraud and intent to defraud.” Damage to creditors”, affirmed in his vote the Special Rapporteur of the case, Luis Fernando Niche.
“Thus, it is reasonable, prima facie, to claim its (investment company) participation in the business, which, in view of the need to ensure the beneficial outcome of the process, justifies the maintenance of the injunction with respect to it as well,” the rapporteur continues.
Lawyer Gabriel Henrique Averoldi Magalhaes He acted in the case against the company. According to him, there are dozens of identical cases related to the game, while “the defendants always assert that they are not responsible for the case.”
“The companies and people prosecuted declared themselves partners in the project, in a public, clear, and comprehensive manner, and should therefore be held accountable, in light of the CDC and appearance theory,” he said in a memo.
Click here to read the decision
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