Presidential Candidate of Argentina Faces Lawsuit for Crypto Scam

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  • Argentinian Presidential candidate is facing a lawsuit from crypto investors.
  • Javier Milei was accused of promoting a crypto scam.
  • Investors lost a combined $300,000 through the scam.

Argentinian cryptocurrency investors have filed a case against Javier Milei, an outspoken MP and supporter of Bitcoin (BTC), who is considering running for president.

According to the news source Clarin, Juan Pablo Chiesa, the group’s attorney, claims that the investors lost over $300,000 because they invested in a project that turned out to be a hoax.

On December 18, Milei posted a recommendation for CoinX on his social media channels. CoinX was a digital financial firm that provided returns in dollars and conducted business using cryptocurrency. Many of his supporters paid close attention to this announcement, and many people, reportedly, lost their money.

It was discovered that the business that made the bold claim that it could provide monthly returns of up to 8% was a “ponzi scam”. It even stopped making payments to investors in March 2022.

Because of this, investors are now requesting that the deputy accept responsibility for his statements and suggestions. He is criticized as being “solidary responsible.”

About twenty people invested their money in CoinX assets falling for this alleged Ponzi scheme. They are sums ranging from nearly $1,000 to $10,000. The complaint is being supported by attorney Juan Pablo Chiesa, who has been involved in instances involving several cryptocurrency frauds.

Milei, a conservative La Libertad Avanza delegate for Buenos Aires, has previously stated his appreciation for leaders like former US President Donald Trump and Brazilian President Jair Bolsonaro. He has previously advocated for Bitcoin and stated that he thinks it may contribute to his libertarian future.

He has declared his intention to run for president in 2023 and has gained a cult following among many younger people. The victims’ organization expressed hope that their plight would be resolved by September 2022.

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