Cryptocurrency Scam in Argentina's San Pedro Under Investigation

According to Odaily, residents of San Pedro in Buenos Aires Province, Argentina, are currently embroiled in a cryptocurrency trading scam. A cryptocurrency platform, which promised high returns, attracted investments from over one-third of the local population, approximately 20,000 people. On the 9th, the platform announced a 14-day suspension of fund withdrawals to cooperate with a government investigation. La Nacion reported that the platform's promise of daily returns ranging from 1% to 2% in US dollars led many San Pedro residents to invest their savings. Some individuals even went as far as selling their cars or taking out loans to increase their investments. Due to Argentina's historically unstable economy, it is common for locals to convert their salaries or peso savings into US dollars. With the rise of cryptocurrencies, this saving habit has shifted towards digital deposits.