Argentine MP is tried for cryptocurrency fraud

Argentine MP Javier Milei, who ran for the country’s parliament from the Liberty Advances party, will be tried on September 7 for his cooperation with CoinX. The reason for the lawsuit was Milei’s Instagram post in December 2021, which demonstrated the connection between the parliamentarian and CoinX:

«I had the pleasure of visiting the @coinx.world offices and meeting their team. They are updating the way they invest to help Argentines avoid inflation. From now on, you can convert your investments into pesos, dollars, or cryptocurrencies and make a profit. Write to them from me to advise you the best! «Milei wrote in the post.

Through the class action lawsuit, investors want to prove the politician’s involvement in cooperation with the cryptocurrency company CoinX, and also ask the court to hold him «jointly and severally liable» for the financial losses suffered by investors. The digital platform is accused of creating a pyramid scheme with cryptocurrencies and other assets.

It should be noted that in early June, the Argentine government banned CoinX from operating in the country. According to the regulators, the company made a public commercial offer to MP Milei without government authorization. According to Argentine law, the cryptocurrency platform must now answer to the Ministry of Economy.