San Pedro, Argentina, is caught in a virtual currency investment scam, affecting more than one-third of local residents

Residents of San Pedro, Buenos Aires Province, Argentina, have recently been caught up in a virtual currency trading scam. A virtual currency platform promised high returns to attract more than 1/3 of local residents (about 20,000 people) to invest. The platform announced on the 9th that it would suspend the withdrawal service for 14 days to cooperate with the local government investigation. La Nacion reported that the virtual currency platform promised to pay 1% to 2% of the US dollar return every day, which made many San Pedro residents invest their savings in it, and some even sold their cars or took out loans to increase their investment. Due to Argentina's historical economic instability, local people are generally accustomed to converting their salaries or peso deposits into US dollar savings. With the rise of virtual currencies, this savings habit has also turned into digital deposits. (Sing Tao Daily)