Argentine presidential candidate Javier Milei is accused of promoting a alleged cryptocurrency pyramid. With over 1 million followers, Milei used her social media account to promote CoinX. The aforementioned company claimed to use “artificial intelligence, bots, and a team of expert traders” to invest and monetize cryptocurrencies for its clients. However, the information indicates that CoinX stopped paying its customers in March after promising huge monthly profits. Despite the reported payment default, the company’s website continues to simulate deposit earnings. However, these simulations would be through deposits in dollars or in the stablecoin Tether (USDT)revealing a higher yield than other equivalent investments in Argentine pesos.
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The post referring to the illegal disclosure is from December 18, 2021. However, the post is still available on Instagram. The presidential candidate and deputy writes in the photo caption of the publication:
“I had the pleasure of visiting the offices of @coinx.world and their team”.
Ending with a comment that followers of his profile should seek financial advice from the company.
“They are revolutionizing the way of investing to help Argentines escape from inflation. From now on you can simulate your investment in pesos, dollars or cryptocurrencies and obtain profits”.
In fact, four months after Javier Milei’s visit, in March of this year, CoinX stopped paying its customers. As a strategy to attract customers, CoinX offered returns of up to 8% per month against the dollar, while the Argentine peso lost value against the US currency. According to an article on the Argentine portal Clarín, the company claims to invest in cryptocurrencies and has more than 5,000 Wall Street shares in its portfolio. However, the CNV, the CVM of Argentina, has notified that CoinX cannot operate in the country. However, on the company’s website it is still possible to view simulations of returns on possible investments made. In a return projection, by investing $1,000, the platform will generate a monthly profit of $80, totaling $960 after one year, according to the CoinX simulation.
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