25 April, 2024



Argentina Presidential Candidate Sued For Crypto Scam

22 Aug, 2022

12 Dec, 2023

A lawsuit has been filed against the crypto-friendly presidential candidate of Argentina, Javier Milei, who is accused of pushing a cryptocurrency ponzi scam. Within the context of the lawsuit, mediation for the case is scheduled to take place in September, and the goal is to have Milei acknowledged as jointly liable.

In December of 2017, Milei shared on Instagram with his 1.3 million followers a post advertising CoinX, a cryptocurrency investment platform that offered customers the opportunity to earn enormous returns on their investments.

The post read:

“They are revolutionizing the way of investing to help Argentines escape from inflation. From now on you can simulate your investment in pesos, dollars, or cryptocurrencies and obtain a profit. Write to CoinX on my behalf  so they advise you with the best.”

Unfortunately, according to the daily newspaper Clarin published in Argentina, supporters of Milei are now demanding damages as a result of the fact that they did not get any enormous returns. A lawyer by the name of Juan Pablo Chiesa filed the case, and it asserts that investors have lost around 30 to 40 million pesos, which is close to $300,000.

CoinX, which ceased operations in June after amassing a large social media following, claimed it could automate transactions for investors and earn them a significant amount of money by using artificial intelligence (AI), bots, and experienced traders.

The National Securities Commission (CNV) had declared that the platform had no legal authority to operate in the nation and ordered it to suspend operations. As a result, CoinX shut down its business and ceased all business activities. According to the reports of the local media, it still has not given back investors the returns that were anticipated.

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