Argentina's court has ordered the seizure of a crypto wallet containing $3.5 million in Tether’s USDT. This action is part of an ongoing investigation into the financial scheme known as Rainbowex.
Seizure of Funds
Argentine authorities have taken control of a wallet with $3.5 million in USDT stablecoins, linked to the alleged Ponzi scheme Rainbowex. Other cryptocurrency wallets and bank accounts of suspects have also been frozen.
Investigation Progress
The investigation has received support from Lemon platform experts and companies like Chainalysis and Qlue, which helped trace the flow of funds. Over 15 raids have been conducted, and at least four arrests have been made. Cooperation with Interpol continues to locate alleged scheme operators in Malaysia.
Investor Impact
Rainbowex promised returns of 1% to 2% per day, or nearly 3,500% annually. It is estimated that tens of thousands from the town of San Pedro, Buenos Aires, were affected by this scheme.
The seizure of funds marks a significant step in unravelling financial fraud. Argentine authorities continue to collaborate with international partners to identify and prosecute all figures involved.
