According to Decrypt on August 23, Javier Milei, a Ukrainian presidential candidate, is being sued for promoting a Ponzi scheme. Remarkably, Argentine presidential candidate Javier Milei once loudly called the central bank a “scam”. Yet now, Milei is facing charges of promoting a Ponzi scheme.
A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.
Javier Milei, a top contender to be the next president of Argentina, last year uploaded an Instagram post to his 1.3 million followers promoting CoinX, a crypto investment platform that promised huge returns to users.
Javier Milei’s political career is in danger of being shaken by the accusations.
Meanwhile, Milei completely denied responsibility. He asserted that he did not cheat anyone and did not get paid to advertise CoinX.
Milei is not the only politician criticized for promoting the crypto project. In May, Madison Cawthorn, a U.S. Representative, was subjected to an ethical review for posting about a project. Cawthorn is said to have received money for promotion but has not been transparent with backers.
Obviously, these incidents raise questions about the trustworthiness of influencers when recommending a project. Before making any decisions, users should do their own research to make an informed judgment.