According to Odaily Planet Daily, Argentine lawyers said that in San Pedro, Buenos Aires, as many as 20,000 people invested their funds in a USDT-themed "fake crypto project" promoted by unknown actors.

The lawyers said they represented some of the platform's "victims," ​​alleging that the project's planners falsely "promised to double investors' investment amounts within six weeks," with the platform's operators offering some investors daily returns of 1% to 2%, paid in U.S. dollars.

Lawyer Adolfo Erdaire said at least 50 "victims" were preparing to file a formal lawsuit against a company called Knight Consortium. "Many" residents of the city invested "all their savings" in "cryptocurrency exchanges," including several "retirees."

The organization involved reportedly claimed to be operating a crypto platform and token called “RainbowEx,” calling itself a “foundation” made up of “a group of shareholders.” The organization “purportedly conducted operations in the stock market, attracting retail investors from around the world.”

The first lawsuits are expected to arrive in court "around Thursday and Friday of this week," the lawyer added, adding that the investigation into the group "has only just begun" and that the two men leading the group at the San Pedro event were "Polish actors posing as CEOs."