CoinX claims to have artificial intelligence bots and traders for constant profits. According to many users, the company’s actions resemble that of a Ponzi scheme, a fraudulent activity.
Argentine deputy Javier Milei, from the interblock La Libertad Avanza, has faced many criticisms on social networks recently, due to the support provided to CoinX. This company attracts investments in cryptocurrencies and offers returns of at least 5% per month.
Weeks ago, Milei uploaded a video to her Instagram account in which he appeared with the team of that company and invited people to follow that company. Recently, after the comments received by members of the bitcoin community, he removed the publication.
According to the perception of many, CoinX would be a Ponzi scheme. CriptoNoticias, in the corresponding section, defines these schemes as fraudulent financial operations.
How Does the CoinX Investment Platform Work?
The CoinX website explains that it is an investment in cryptocurrencies and on Wall Street with cutting-edge technology, artificial intelligence, bots, and a team of expert traders.
The page adds an investment simulator that shows that for an investment of 10,000 USDT, a profit of 800 USDT per month would get obtained and 4,800 USDT at the end of the minimum blocking period of six months. A disclaimer clarifies that simulated investments do not guarantee profitability.
These high investment returns, the blocking of capital for six months, and the incorporation of non-auditable elements such as artificial intelligence, a team of traders, and bots, arouse suspicion in many bitcoiners.
For example, Franco Amati, one of the co-founders of the NGO Bitcoin Argentina, is convinced that CoinX is just another Ponzi. The bitcoin puts him in the same category as companies like Generación ZOE and Vayocoin.
According to Amati, the pyramidal scams of Argentine origin get encouraged by celebrities and other mercenaries. According to Amati, these companies simulate some activity related to digital currencies and promise returns of 8% per month in USD or similar.
Regarding Milei and his participation in the promotion of CoinX, Amati says that the economist and deputy did this for a few pesos with total ignorance that it was a scam.
Fernando Dalmau, a prosecutor of the Public Ministry of the Accusation, added some comments about the situation. According to his observation, the financial companies that offer high returns capture clients of a particular political ideology.
CoinX Defends Itself Against the Accusations
CoinX has not remained silent about the accusations it received on social networks. A statement published by the company details that they provide “advice in the financial field and traditional and non-traditional investments.”
Regarding the investments in cryptocurrencies offered, they indicate that they got backed by the regulations of El Salvador. Finally, the company defends itself by denying that they guarantee returns.
The company continues to offer its investment services. Their latest post on Instagram ensures that they have the solution for those who think about quitting their jobs because they are tired of working so many hours a week.
By: Jenson Nuñez
