Argentine Politician Javier Milei Sued Over a Crypto Ponzi Scheme

The Argentine presidential candidate and an advocate for Bitcoin adoption, Javier Milei, has been sued for misleading crypto investors. Allegedly, he cost the investors between 30 and 40 million pesos (some $300,000), after promoting the now-defunct crypto investment platform, CoinX.

Last year, Milei praised CoinX in an Instagram post. As he has 1.3 million followers, the endorsement reached a lot of people.

Despite having a substantial following and media coverage, however, CoinX closed this June. This happened as the National Securities Commission concluded that CoinX had no legal license to operate in Argentina. In addition, some local papers claim the investors didn’t receive as lucrative returns as they were lead to believe in the CoinX ponzi scheme.

Milei has since distanced himself from CoinX. He stated that he was never paid to promote CoinX. Milei is seen as one of the three top contenders for becoming the president of Argentina next year, which he hopes to save from the rising inflation by relying on, among other things, cryptocurrency.