Citizens of a third of Argentine cities allegedly fall prey to cryptocurrency fraud schemes
In the heart of Buenos Aires, a luxurious hotel played host to a conference that was anything but ordinary. The supposed leaders of the Rainbowex scam, a cryptocurrency scheme, gathered to reassure investors, but the attendees were in for a shock when the true identities of the leaders were revealed.
Polish actors, Filip Wałcerz, known as "Jeremy Jones", and Maurycy Lyczko, were discovered to be the faces behind the conference. However, the police investigation into the Argentina cryptocurrency scam involving Rainbowex and Knight Consortium remains unclear, with no specific search results available as of mid-2025.
Rainbowex and Knight Consortium have been reported in media and online discourse as entities involved in alleged cryptocurrency scams targeting investors in Argentina and other countries. These schemes, promising high returns on crypto investments, have raised suspicions of fraud and led to ongoing investigations by financial authorities.
The scheme, named Rainbowex, promised to double dollar investments in a month and a half, and it was promoted by individuals dispersed throughout the city of San Pedro, Argentina. The scheme promised up to 2% interest per day in dollars through the Tether, a cryptocurrency considered a "stablecoin" because it is indexed to the dollar's course.
The scheme attracted both modest and wealthy people, seeking dollars amidst an Argentine economy in recession and increasing poverty. Investors were required to recruit new participants, following the classic mechanism of pyramid schemes. In Ponzi scheme scams, early investors receive supposed interests that actually come from capital brought in by new investors.
Two investigations are underway in Argentine courts, investigating potential crimes such as money laundering or illegal financial intermediation. The main suspect in the case is a certain Luis Pardo, who was arrested in 2019 for domestic violence. Argentine journalist Maximiliano Firtman raised suspicions about the Rainbowex scam on social media.
The scheme recently shocked Argentina, and raids were conducted on Wednesday, one at the financial agency involved - Overcash - and the other at the private residence of one of the presumed promoters of the company. However, as of now, Rainbowex and the Knight Consortium Foundation, allegedly promoting the scheme, have no legal structure.
This is not the first case of accusations of scams linked to cryptocurrencies and a pyramid system in Latin America. Last year, around twenty Brazilian crypto-currency companies were accused of scamming millions of Brazilians.
For authoritative and updated information, it is recommended to consult Argentine financial regulatory agencies' announcements, law enforcement press releases in Argentina, and trusted financial news outlets covering cryptocurrency fraud cases. If you have more specific questions or need broader information on how to spot or avoid cryptocurrency scams, feel free to ask!
- The actors Filip Wałcerz and Maurycy Lyczko, pretending to be "Jeremy Jones" and other identities, were revealed to be the faces behind a cryptocurrency scam named Rainbowex, which took place in Argentina.
- Despite the police investigation into the alleged cryptocurrency scam involving Rainbowex and Knight Consortium, the investigation remains unclear, with no specific search results available as of mid-2025.
- In line with the ongoing investigations by financial authorities, Rainbowex and Knight Consortium were reported to have been involved in cryptocurrency scams targeting investors in Argentina and other countries, offering high returns on crypto investments and employing pyramid scheme tactics.
