The RainbowEX situation shows a possible pyramid scam that ended with the arrest of two involved and the loss of funds by investors.
The RainbowEX platform, suspected of having established a pyramid scheme in San Pedro, Buenos Aires, informed its investors of its decision to leave the country and requested a payment of US$88 to enable the withdrawal of the invested funds. At the moment, Two people have already been arrested in connection with the investigation.
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The notice was spread in recent hours through Telegram groups, where a woman known as “La China” used to advise investors on when to buy and sell cryptocurrencies. The message mentions an “important notice from Rainbow Exchange: Arrangements for withdrawal from the Argentine market and activation of accounts,” suggesting an agreement with local authorities.
It is indicated that the platform will be removed officially from the Argentine market and that a comprehensive update will be carried out. “Dear Argentine users: Under the agreement reached between Rainbow Exchange and local regulators, we will officially withdraw from the Argentine market and we will proceed with a comprehensive update of the platform. To facilitate this process, all Argentine and related accounts will be placed in inactive status,” says the message addressed to investors, in the midst of the judicial investigation for a possible pyramid scheme.
Message details
The message also provides recommendations on the deadlines and procedures for closing accounts and withdrawing funds. “Please pay attention to the following arrangements for account activation and withdrawal of funds in a timely manner: The activation period will be from October 13 to 17, 2024, and the withdrawal opening will begin on October 21, 2024 at 00:00 (UTC-3),” is indicated.
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Please note that “account activation will be completed automatically via a one-time payment of 88 USDT.
It warns that “account activation will be completed automatically with a one-time payment of 88 USDT,” and warns that those who do not close their accounts “in a timely manner” could face confiscation of their funds and potentially be charged with money laundering. money.
On Saturday, two men were arrested in the context of the investigation into a possible pyramid scheme in San Pedro. At the request of prosecutor Matías Di Lello, the Argentine Federal Police arrested Luis Pardo and Martín Liberati, both associated with the financial company Over Cash. The detainees were arrested at their homes and taken to the San Pedro police station, located 170 kilometers northwest of Buenos Aires.
The investigation began almost a week ago, after several affected parties reported that they were prevented from withdrawing their money. In addition, the National Securities Commission (CNV) confirmed that RainbowEX did not have authorization to operate in the country.
Knight Consortium, the foundation behind RainbowEX, was found to be neither registered nor legally endorsed, raising questions about the legitimacy of the business. Company representatives had promised a daily return of 1% in dollars, but the situation became critical when they announced that their clients could not withdraw the invested funds.
Source: Ambito
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