Coinx World Under Investigation For Alleged Scam: Details And Recent Developments

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✔️ Information reviewed and updated in June 2024 by Pedro Martínez González

Crypto company backed by Javier Milei faces raids and fraud accusations

Within the framework of an investigation that began in 2022, Coinx World, the crypto company that had the public support of the libertarian presidential candidate Javier Milei, is under the scrutiny of justice. The Federal Police have carried out raids in strategic points, such as Buenos Aires and Santa Fe, in relation to alleged fraudulent activities.

The Raids and the Investigation in Progress

The raids are being carried out by order of Federal Court No. 12, subrogated by Ariel Lijo, in search of documentation, computers and money related to the fraud investigation. Although the seizure of cash in Santa Fe has been confirmed, the details and the accusation itself are kept under strict confidentiality by judicial sources.

Background of Coinx and its Intimation in 2022

Coinx had previously been ordered by the National Securities Commission (CNV) in June 2022 to cease all offers of advice on investments and negotiations with negotiable securities. This included activities on their website, YouTube channel and social media. The company had obtained public support from Javier Milei, who postulated his endorsement through his Instagram account.

The Fuzzy Identity of Coinx

The identity of Coinx has proven to be diffuse and confusing. Unlike other entities, there is no record of the Coinx company in the AFIP records. It has been revealed that it is a registered trademark in the National Institute of Intellectual Property, but not in the field of financial operations, but in software. The company behind Coinx, Proyectos RSS, has been registered with the AFIP since 2018, not as dedicated to financial operations, but to electrical installations.

The Milei Declaration and the Development of the Case

Javier Milei declared his support for Coinx in 2021, praising its offices and team. However, the CNV investigation and the recent raid have shed light on the alleged irregularity of Coinx's operations. Milei claimed in an interview that he was not aware of any scam and that he had been compensated for public support of him, as he is for other opinions.

The Context of the Crypto Industry

The Coinx case fits into the growing atmosphere in the courts, where companies promising big profits are being sued for fraud. Companies like Wenance have also faced similar accusations and have been taken to trial in jurisdictions such as the City of Buenos Aires and Tierra del Fuego.

Conclusions and Future Perspectives

The Coinx World case highlights the importance of due diligence in the crypto space and how even public figures support projects that can later face legal investigations and accusations. In an environment where the adoption of cryptocurrencies and associated technologies is growing rapidly, regulation and legal scrutiny have become more relevant than ever.

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About the Author: Pedro Martinez Gonzalez

I'll tell you a little about myself! I am a financial analyst and economist with a master's degree in finance.
About my studies: I studied at the University of Salamanca for a Degree in Economics and then did a Master's in Finance in Madrid.
Do you want more information? You can read more about me here in my biography.

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