30% of San Pedro residents lost savings to $49M crypto Ponzi scheme amid Argentina's economic crisis.

Argentina is grappling with a surge in Ponzi schemes, particularly affecting the town of San Pedro, where up to 30% of residents lost savings to the RainbowEx app, which falsely promised daily cryptocurrency returns. This $49 million scam, part of a broader crisis dubbed "Ponzidemia," exploits economic hardships, targeting vulnerable young people. Similar scams, including the Peak Capital platform, are reported across the country amidst ongoing recession and inflation.

October 27, 2024
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