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Argentine Presidential Candidate Sues Over Alleged Crypto Ponzi Scheme

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News Tech: Argentina’s outlandish Bitcoiner presidential contender is being sued for allegedly promoting a cryptocurrency ponzi scam.

The site, which shut down in June, had a massive social media following and claimed to utilise AI, bots, and experienced traders to automate transactions for investors—and earn them a lot of money.

Javier Milei, a leading candidate for Argentina’s presidency, promoted CoinX, a cryptocurrency investment platform that promised big returns to consumers, to his 1.3 million Instagram followers last year.

Milei paid a visit to their Buenos Aires headquarters in December. “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.”

Milei, a 51-year-old libertarian economist who supports Bitcoin and even referred to the central bank as a “scam,” has subsequently distanced himself from the platform, claiming that he did not deceive anybody and was not paid to promote CoinX.

The quirky politician, who frequently posts on social media, claims he wants to help Argentina, which has one of the highest rates of inflation in the world. And he’s doing well: some surveys have him among the top three contenders predicted to win the election next year. Appearing in Instagram postings alongside dubious cryptocurrency sites, on the other hand, is unlikely to help him.

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