The eccentric presidential candidate of Argentina, Javier Milei is being sued for allegedly promoting a crypto ponzi scheme.
The self-proclaimed Bitcoin enthusiast promoted crypto investment platform CoinX last year by uploading an Instagram post to his 1.3 million followers.
The platform promised huge returns to its users and claimed to use AI, bots, and expert traders to automate trades for investors.
In December of 2021, Milei even visited CoinX’s Buenos Aires offices and said, “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, the platform closed in June after the regulatory National Securities Commission (CNV) stated that the platform had no legal right to operate in the country and ordered it to stop operations.
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However, according to Argentine daily newspaper Clarín, followers of Milei are now seeking damages as they did not receive any huge returns.
A complaint has been filed by lawyer Juan Pablo Chiesa. Investors have lost between 30 million to 40 million pesos (nearly $300,000).
Milei defended himself by distancing himself from the platform, and saying that he didn’t trick anyone—and wasn’t paid to promote CoinX.
