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Authorities raid Generación Zoe, an Argentine pyramid scheme propped up by cryptocurrencies

Authorities performed nine separate raids targeting Generación Zoe, a holding company raising money from thousands of Argentines. The company promised 7.5% monthly returns at the lowest level, but more if investors recruited others to the scheme. They said these returns came from cryptocurrency trading, sales of "coaching" courses, and other investment strategies. The group even had their own cryptocurrency, Zoe Cash, and had begun other ventures — including a church. The accountant from the firm and several others were arrested in the February 18 raid, but the head of the scheme was on the lam.
Theme tags: Hack or scam, Law, Shady business