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An Argentine Presidential Candidate Is Suing Over A Crypto Ponzi Scheme

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Argentina’s presidential candidate is being sued for allegedly promoting a bitcoin pyramid scam.

Last year, Javier Milei, a top presidential candidate in Argentina, pushed CoinX, a cryptocurrency investment platform that guaranteed high returns to users, to his 1.3 million Instagram followers.

The site, which closed down in June, had a big social media following and purported to employ artificial intelligence, bots, and expert traders to automate transactions for investors—and make them a lot of money.

In December, Milei paid a visit to their Buenos Aires office. “They are reinventing the way you invest in order to help Argentinians deal with inflation,” he remarked on Instagram. “You may now profitably mimic your investment in pesos, dollars, or cryptocurrency.”

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CoinX, on the other hand, was forced to close when the National Securities Commission (CNV) warned that the platform lacked the legal right to operate in the country and ordered it to stop operations. According to local media, it has also not returned to investors the projected profits.