Residents of San Pedro, Buenos Aires Province, Argentina, have recently been caught up in a suspected virtual currency trading scam. A virtual currency platform promised high returns and attracted more than one-third of local residents (about 20,000 people) to invest money. On the 9th, the platform announced that it would suspend the withdrawal service for 14 days to cooperate with the local government investigation.
La Nacion reported that the virtual currency platform promised to pay 1% to 2% daily returns in US dollars, which made many San Pedro residents invest their savings in it, and some even sold their cars or took out loans to increase investment. Due to Argentina's historical economic instability, local people are generally accustomed to converting their salaries or peso deposits into US dollar savings. With the rise of virtual currencies, this savings habit has also turned into digital deposits. (Sing Tao Daily)