PANews reported on December 24 that according to Bitcoin.com News, the Argentine judicial system ordered Tether to freeze USD 3.5 million in USDT assets related to the suspected pyramid scam Rainbowex. This is the first time that the Argentine judicial system has completed an asset freeze through Tether. It is reported that this action executed 22 search warrants, arrested 10 people, and issued an international red warrant for two Malaysian nationals.

Rainbowex claimed to offer high returns through crypto trading, but investigations showed that its operation was a closed loop and had no connection to the public blockchain. When investors tried to withdraw money, the system refused to operate, and the problem was exposed. The case is still under investigation and involves false propaganda and even hiring actors to impersonate company executives.