Luis Pardo and Maximiliano Braga, two of those responsible for the Ponzi scam, were arrested. They also advanced in investigations in San Antonio de Areco.
After knowing thescam system that executed the international platform Rainbow Exchangein the Buenos Aires city of Saint Peterwith an estimate of 70,000 victims, the Buenos Aires Police -with technical assistance from the Attorney General’s Office of that district, more federal agencies and Interpol- carried out raids and at least six arrests in the last hours.
The investigation, led by prosecutors Maria del Valle Viviani and María Verónica Marcoantonio, determined the arrest of Luis Pardo and Maximiliano Braga, two of those responsible for the operations carried out Rainbow Exchange in San Pedro. The operations, which included 22 raids and four other arrests, also investigate operations of the same characteristics by the financial company Areco Changesin the Buenos Aires town of San Antonio de Areco and international arrest warrants in Malaysia.
Other news is that assets were frozen and seized in virtual wallets, bank accounts and crypto asset portfolios, with direct contact to the company. Tether. It is estimated that the detainees had assets close to US$3.5 million in cryptocurrencies, in addition to cash in Argentine pesos, dollars, euros and yuan. Computers, cell phones, pen drives and firearms were also seized in the seizures.
Luis Pardo.jpg
Pyramid scam: how Rainbow Exchange operated
The situation in Saint Peter began to attract attention due to the number of city residents who sold their agricultural machines to invest in the trading platform RainbowEx, which promised excessive returns in dollars and on a daily basis, with respect to the investments made on the cryptocurrency platform.
Through a message on the platform Telegramand at a certain time, Investors were informed which cryptocurrency they should buy at that very moment, causing profitability of 1% daily in the short term and generating a geographical expansion of the origin of investors to other cities, such as Bahía Blanca, Junín, Córdoba and Santiago del Estero.
However, in October that situation changed: Those who operated on the Rainbow Exchange did so in closed systems and the money flows had no real connection with the cryptoasset market, but rather the visible balances were altered by the administrators so that the pyramid scam could expand.. That was the moment when investors tried to withdraw their funds and, under arguments of technical failures, the platform prevented them from obtaining liquidity from their alleged assets.
Source: Ambito
I am Pierce Boyd, a driven and ambitious professional working in the news industry. I have been writing for 24 Hours Worlds for over five years, specializing in sports section coverage. During my tenure at the publication, I have built an impressive portfolio of articles that has earned me a reputation as an experienced journalist and content creator.
