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.
5 months ago
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