Argentinian lawyers have revealed that up to 20,000 individuals in San Pedro, Buenos Aires, have invested in a fake crypto project related to USDT. This scheme, promoted by unknown entities, promised investors that their money would be doubled in just six weeks. The platform offered daily returns between 1% and 2% in US dollars, attracting many residents of the city, including retirees, who invested their life savings. However, some investors have not been able to withdraw their funds for weeks, leading to concerns and fear among participants.
Lawyer Adolfo Erdaire, representing some of the victims, stated that around 50 individuals are preparing to file complaints against a company named Knight Consortium, which claimed to operate a crypto platform and token called “RainbowEx.” Despite its claims of being a foundation comprised of shareholders operating in the stock market, the consortium is not registered and lacks legal endorsement or support. This lack of legitimacy has prompted legal action against the platform operators.
The platform gained popularity in San Pedro four years ago, initially spreading through word of mouth before becoming viral. Investigations have revealed that the consortium is not as legitimate as it presents itself, with accusations pointing towards the involvement of Polish actors impersonating CEOs at events in San Pedro. Social media users and programmers have raised concerns about these actors and alleged that the consortium misled investors with the help of an Asian woman known as “La China,” who provided investment advice to followers on Telegram.
Residents of San Pedro eagerly awaited La China’s tips, which often led to a halt in daily activities as people followed her advice on buying and selling cryptocurrencies. Despite the city being captivated by the promises of the consortium, there were doubts raised about the authenticity of the supposed CEOs, including one named Maurycy Lyczko, who later admitted to being hired by an Asian individual for his role in promoting the platform. Some have even speculated that La China might not be a real person and could have been created using AI tools, although similarities have been found to an Indonesian woman offering acting services online.
Investors, like Mariano, shared their experiences of being drawn into the scheme by promises of receiving payments in dollars and being able to profit within a short period. They were told that their initial investment would be returned, and they would be allowed to keep the profits. The friends or acquaintances who introduced them to the project assured them that they would convert their fiat pesos to USDT through the RainbowEx exchange. However, with the platform now under scrutiny and legal action being taken, many investors are facing uncertainties about the fate of their investments and the authenticity of the promises made by the consortium.
