Argentinian City Duped by Bogus Crypto Project Fronted by Unknown Actors

Up to 20,000 people in San Pedro, Buenos Aires, fell victim to a USDT-themed crypto scam. The platform, Knight Consortium, promised daily returns of up to 2%. Fake CEOs, including Polish actors, allegedly promoted the project, leading to major financial losses. Legal actions are underway.

In a shocking development, up to 20,000 residents of San Pedro, Buenos Aires, have reportedly been duped into investing in a fraudulent USDT-themed cryptocurrency project promoted by obscure actors. The project, led by a company calling itself the Knight Consortium, promised sky-high returns, claiming investors would double their money in just six weeks.

According to local lawyer Adolfo Erdaire, who represents some of the victims, many San Pedro residents poured their life savings into the scheme, including retirees. Erdaire noted, “Some people have not been able to withdraw money from the platform for three weeks. And that worry has now turned into fear.” Legal complaints are expected to be filed later this week, with at least 50 victims leading the charge.

Knight Consortium and the False Promises of Riches

The Knight Consortium allegedly promised daily returns of 1% to 2%, paid in US dollars. The platform became well-known through word-of-mouth and eventually went viral within the community, attracting a large number of retail investors over the past four years. The scheme operated through a platform and token known as “RainbowEx,” which was advertised as a global crypto exchange.

However, investigations revealed that Knight Consortium is not legally registered and lacks any official endorsements or support. The company allegedly lured investors with high-profile events featuring two men posing as CEOs, later revealed to be Polish actors. These actors were paid for their roles at promotional events held in local hotels.

The Rise and Fall of “La China”

One of the most intriguing figures in this saga is an individual known as “La China,” who provided daily investing tips through her Telegram channel, which reportedly brought daily activity in the city to a standstill. It is now speculated that La China may have been a fictitious persona, possibly created using AI tools. Nonetheless, social media sleuths believe they may have identified a real woman, potentially an Indonesian actress, advertising services on Fiverr.

San Pedro Divided

The scam has left San Pedro divided, with some residents clinging to the hope that the platform was legitimate. The lawyers, however, are determined to unearth the true masterminds behind the scam, suspecting that the actors were hired by unknown figures. As suspicions mount, residents who took financial advice from the imposters are being urged to take immediate action to protect their remaining savings.

Legal Fallout and Community Reaction

The investigation into the KOK cryptocurrency scam, which Knight Consortium has been compared to, has led to calls for stronger legal action. The lawyer representing the victims noted that many San Pedro investors were promised USDT exchanges at advantageous rates and were convinced they could make fast returns. But now, many investors have found themselves unable to recover their funds.

The scam has sent shockwaves through the community, and with more victims coming forward, the legal ramifications for those responsible could be significant. The case is expected to gain traction as more evidence emerges.

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