A crypto scam in San Pedro, Argentina, defrauded more than 20,000 investors, and the first lawsuit will be delivered to the court this week

Argentine lawyers say that in San Pedro, Buenos Aires, up to 20,000 people invested their money in a USDT-themed "fake crypto project" promoted by unknown actors. The lawyers said they represent some of the "victims" of the platform, saying that the project planners falsely "promised to double the investors' investment amount within six weeks" and that the platform operators offered some investors daily returns of 1% to 2%, paid in US dollars. Lawyer Adolfo Erdaire said that at least 50 "victims" are preparing to file a formal lawsuit against a company called Knight Consortium. "Many" residents of the city invested "all their savings" in "cryptocurrency exchanges." He added that they included several "retirees." The organization involved reportedly claims to be operating a crypto platform and token called "RainbowEx," claiming to be a "foundation" composed of "a group of shareholders." The organization "purportedly operates in the stock market, attracting retail investors from all over the world." It is reported that the first batch of lawsuits will "reach the court around Thursday and Friday this week." The lawyer added that the investigation into the group "has only just begun" and that the two men leading the group at the San Pedro event were "Polish actors posing as CEOs." (Cryptonews)