Argentine Lawyers Report Fraudulent USDT Crypto Scheme Involving 20,000 Investors

According to Odaily, Argentine lawyers have revealed that up to 20,000 individuals in San Pedro, Buenos Aires, have invested in a fraudulent USDT-themed crypto project promoted by unknown actors. The lawyers, representing some of the victims, stated that the project organizers falsely promised to double investors' money within six weeks. The platform operators offered daily returns of 1% to 2%, paid in US dollars, to some investors. Lawyer Adolfo Erdaire mentioned that at least 50 victims are preparing to file a formal lawsuit against a company named Knight Consortium. Many residents of the city, including several retirees, invested their entire savings into the so-called cryptocurrency exchange. The organization involved claimed to operate a crypto platform and a token named 'RainbowEx,' presenting itself as a foundation composed of a group of shareholders. It allegedly conducted business in the stock market, attracting retail investors from around the world. The first lawsuits are expected to be filed in court around Thursday and Friday this week. The lawyers added that the investigation into the organization has just begun, and two men leading the organization in San Pedro were Polish actors posing as CEOs.