Argentine authorities freeze $3.5 million USDT as part of a crypto pyramid investigation
Date: 2024-12-26 Author: Oliver Abernathy Categories: IN WORLD
The Argentine government, investigating the activities of the suspected crypto pyramid Rainbowex, has frozen the cryptocurrency accounts and bank assets of the scheme's participants. The local Lemon exchange, as well as analytical companies Chainalysis and Qlue, played a key role in this process, providing information and technical tools for tracking financial flows.
The police carried out a large-scale operation, including 15 searches in different regions of the country. As a result, four suspects were detained, but the organizers of the scheme, allegedly linked to Malaysia, remain at large. To catch them, Argentine law enforcement agencies turned to Interpol for help.
Rainbowex attracted investors with promises of daily profits from 1% to 2% or an impressive annual return of 3,500%. However, the scheme has caused financial losses for tens of thousands of people, mostly from the small city of San Pedro, located in the province of Buenos Aires, with a population of about 70,000.
According to Chainalysis, Argentina has seen rapid growth in the cryptocurrency market, leaving behind countries such as Brazil, Mexico, and Venezuela. In 2021, Argentina also expressed its willingness to cooperate with El Salvador, which has legalized Bitcoin.
This investigation highlights not only the growing interest in cryptocurrencies in the country, but also the need to strengthen measures to protect investors from fraudulent schemes.
