Argentine Presidential Candidate Sued For Advertising Crypto Ponzi Scheme

Argentine presidential candidate Javier Milei is being sued for allegedly promoting a cryptocurrency Ponzi scheme.

Javier Milei, a leading candidate for Argentina’s next president, last year posted an Instagram post to his 1.3 million followers promoting CoinX, an investment crypto platform that promises to bring huge profits to users.

The platform claims to use AI, bots, and professional trading tools to automate trading for investors and make a lot of money for them. Specifically in his post, Mr. Javier Milei wrote the following:

“They are revolutionizing the way to invest to help Argentinians with inflation. You can now simulate your investment in pesos, dollars or cryptocurrencies and earn a profit.”

However, not long after, CoinX closed its operations after the National Securities Commission (CNV) warned that the platform did not have the legal right to operate in the country. At the same time, the platform also does not return investors the expected profits.

According to the local newspaper Clarín, a group of disgruntled investors is demanding compensation because they have heeded Milei’s advice and have not received any “huge” profits in return.

According to the lawsuit filed by attorney Juan Pablo Chiesa, investors trusted CoinX’s 8% monthly returns, so they deposited savings into the platform ranging from $1,000 – $10,000 depending on each person.

However, when CoinX’s Ponzi scheme collapsed, stopping paying investors in March of this year, then Mr. Milei must be responsible for this incident because he used to act as “advertising” for the platform.

Javier Milei is a person who loves to show off his “personality” on social media, most notably claiming to want to save Argentina, a country suffering from one of the highest inflation rates in the world. And of course, so far Javier Milei is still doing very well in his role.

Several recent public polls have shown Javier Milei as the top three candidates expected to win next year’s election.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News