“They are revolutionizing the way Argentina invests to help avoid inflation. From now on you can simulate your investment in pesos, dollars or cryptocurrency and reap the benefits. write to CoinX for me That’s why they give him the best advice”.
Liberal economist Javier Milli is followed by nearly 1.3 million people on his Instagram account. Not so much for the litter of youth.deputy became a reference to put an explanation to the complex and always treacherous national economy.
On December 18, Miley published a post on his network recommending CoinX, a digital financial company that offered returns in dollars and operations in cryptocurrencies. Many of his followers paid attention to him. Many lost money.
That’s because they found a company that claimed to be able to deliver up to 8 percent dollar returns per month. An alleged “Ponzi scheme”, which stopped paying savers in March this year, So now they ask the deputy to take responsibility for his words and his recommendations. They condemn him as a “unitedly responsible”.
Millie will have to provide further explanation for the Coinex case (Photo: Juan Jose García)
The same strategy was followed by twenty investors who channeled their savings into CoinX assets. They range from 1000 to 10 thousand dollars. The complaint is promoted by lawyer Juan Pablo Chiesa, who has been working on cases related to other cryptocurrency scams, such as Generación Zo or Vaio Coin. What to say The debt is between 30 and 40 million pesos.
In all respects, the plan is the same: above-average monthly dollar returns, based on purported trading algorithms that drive (and beat) the dizzying crypto market. An almost esoteric financial salvation, in a context where inflation rises and eats away any pesos that remain stagnant.
What is CoinX?
With a strong marketing campaign, flashy colors and Instagram posts with phrases from Steve Jobs or investor Warren Buffett, the CoinX account has almost 500 thousand followers. From there he was invited to invest in a company that could beat inflation. Wall Street with state-of-the-art technologyartificial intelligence, bots and a team of expert traders”, he said in his publications.
Juan Manuel Malaspina, Investment Director at Coinex World.
He even promoted his own with a good spot on YouTube, where a similar therapist recommended Invest in cryptocurrencies for a certain period of time To avoid ‘inflation’.
There they offer two types of plans based on the amount. One of $500 with monthly interest payments and 6 months. And another premium, starting at US$1,000. Regarding the assets it invests in, CoinX explains that the returns are based on “diversification” among the more than 5,000 assets on Wall Street. a vague definitionGiven that mutual funds that operate through banks are bound to indicate which assets make up their portfolio.
But the most questionable is the investment simulator, which offers dollar returns of between 5 and 8 percent per month, depending on the amount. One who puts in US$1000 USD will get around US$80 in 30 days. A curiosity also arises: if the saver keeps the same amount but in pesos (320 thousand at the blue exchange rate), The return will also be 8 per cent per month.
Faced with this situation, on June 8, the National Securities Commission published a resolution (508/2022) asking CoinX and CoinX World to immediately cease all invitations to invest in negotiable securities for lack of proper authorization. instructed. They also target Juan Manuel Malaspina, Presumptive Director of Investments of the Company.
CNV Alert on CoinX
But by that time, CoinX had already been operating for several months. According to his social network, the first post on Instagram was on December 14, 2021. four days later, Met Miley in their offices.
The post appears on Miley’s Instagram. There he is seen entering the offices of CoinX, where he arrives humming “Yo soy el leone”, a fragment of a classic La Renga song that he appropriated for his massive productions. The scene features about ten men in shirts who applaud in a modern and bright office, albeit small enough for the waterfall that adorns it: a wall of water, falling over the logo of the new firm, A Silver X that “revolutionizes” the crypto market.
In her text, Miley says the following: “Glad to meet @coinx.world offices and their team, They are revolutionizing the way Argentina invests to help avoid inflation. From now on you can simulate your investment in Peso, Dollar or Cryptocurrency and get profit. Write them on my behalf @coinx.world so they can give you the best advice!”
Posting controversy on Xavier Miley’s Instagram
If this is non-traditional advertising on social networks, then it is not specified anywhere. For Chiesa, this point is important. “Millie, in order not to be held jointly and severally liable, he must show me an advertising contract. If he has and says it’s limited, he blocks me. But he doesn’t exist, ” they tell bugle,
the intersection is part of a much bigger debate and the look of it Opaque relationship between social media influencers and the products they recommend to their followers, Especially when it comes to recommending products they don’t normally use. Like, for example, financial services.
Another similar plan was blown up a few months back, when the company VayoCoin launched an aggressive campaign in the network at the hands of several celebrities Of the show: Wanda Nara, El-Gante or Cande Tinelli were some of the celebrities who recommended it.
This is special in Miley’s case, because The Economist is actually a reference to the topic she promotes. According to the lawyer, many clients approached him He actually invested his money in CoinX, attracted by Singh’s support., “If a guy of that ability gives me advice, I’ll put it up,” said the plaintiff.
So he sent two documentaries to the MLA (one to his office and the other to his house), asking him to take responsibility. According to Chiesa, Miley received them and had a strong interrogation with the deputy.
Almost a month after Miley’s visit on January 19 of this yearCoinex had to come out in a statement on its social network, defending itself from allegations that pointed to it As an alleged Ponzi scheme “that is, it pays dividends along with the income of other savers”. Those were the weeks in which Generation Zoe began to fall, and other similar plans began to be targeted.
In its post, CoinX stated that the meeting with Miley was meant to provide advice on communication issues. He also claimed that the investments were backed by the law of El Salvador, where the firm is headquartered. This is the country where the bitcoin industry is flourishing.
Document letter sent to Xavier Milli for CoinX scam
“Our company is registered with AFIP and we are in the process of registering it with the National Securities Commission (CNV) and other autonomous entities,” he said. The CNV will later refuse them. Legally, CoinX is registered as a company named ‘Proyectos RRS Sociedad Anónima’. Malaspina does not appear there.
In March, as per the complaint of the savers, they stopped making payments. On June 7, he assured on his social network that he would stop taking investments.
Faced with an explosive complaint, Miley sets out to dissociate herself from the company in an interview with LN+. There I confirm that “he didn’t cheat anyone”. “They called me to give an opinion on the business and I can clearly tell what I saw: They took the money and then bought the bonds. It was a business similar to a bank. But since you don’t have a centrally regulated interest rate banks, then they could pay more. And they also supplemented it with bitcoin farms,” the economist said.
As he explained, the drop in the price of bitcoin led to the closure of trading. “When we saw the structure we suggested modifications to them. Since they didn’t want to do it later, we withdrew” Miley took off. However, according to journalist Sebastian Davydowski on his social networks (one of the first to follow the topic), CoinX did not work on crypto mining.
consulted by bugle, sources close to Millie explained The Economist’s relationship with the company. “Javier recommended the people responsible for CoinX to change the business model and redefine it. The suggestion was to turn to commissions with bonuses, alerting them to the risks involved in investing in cryptocurrencies. And the receptiveness and Seeing the speed with which he made the changes, he posted them on IG,” he said.
He also confirmed that Millie did not charge for the positions she did. “He wasn’t the only one who publicized him, there were more famous people,” he said.
According to the presentation, they will have to resolve the situation of the victims by September 7. bugle They tried to contact the CoinX company via WhatsApp on their website, but there was no response.
The deputy, with a long history in the media, loudly explaining the notions of the economy, will have to clarify but on other numbers that don’t stop. of one revolution That — for those who entered — was not like that.