Javier Milei, a current member of Congress and a contestant in Argentina’s 2023 presidential elections, is being sued by a group of disgruntled investors over his alleged role in their investment in a now-defunct alleged digital asset Ponzi scheme, CoinX.
Local news outlet Clarin reports that the group, comprised of around 20 investors, argues that the politicians’ promotion of the platform on social media influenced their investment choice. As stated in the complaint filed by lawyer Juan Pablo Chiesa, the alleged victims are seeking damages for their collective losses of between Arg$30 million to Arg$40 million (nearly US$300,000).
The allegations point to a post that Milie made on Instagram in December 2021, wherein he stated that CoinX was “revolutionizing” the way for Argentinians to escape inflation. The platform launched at the time promising up to 8% monthly returns in dollars, Argentine pesos, or digital assets.
CoinX claimed to earn this return by trading mutual funds using market-beating artificial intelligence, trading bots, and a team of professional traders. However, the platform stopped paying out gains back in March and was declared an unregistered securities operator in June by Argentina’s market regulator, the National Securities Commission (CNV).
In the case, the group claims that Milei’s standing as a prominent economist makes him a reference to the topic he promotes and asks him to take responsibility for their losses. But the…
