TechFlow news, April 1 — According to CryptoSlate, a Brazilian court has approved the use of non-fungible tokens (NFTs) to serve legal notices to unidentified defendants in a major cryptocurrency fraud case. The case involves the bankruptcy liquidation of cryptocurrency investment firm BWA Brazil, which is accused of obtaining approximately 11,200 BTC (worth around $900 million) through a pyramid scheme.
The court-appointed bankruptcy administrator will deliver legal documents by minting NFTs containing the legal files and sending them to the relevant wallet addresses. BWA Brazil, established in 2017, had promised a fixed monthly return of 5%, but froze withdrawals in early 2020, causing customers to lose around 300 million reais (approximately $52.2 million). This case is considered one of the largest cryptocurrency pyramid schemes in Brazil.
