Venezuelan authorities have arrested Rosa María González, a suspected key architect of Generación Zoe, the Argentine cryptocurrency scam that allegedly defrauded tens of thousands of investors of at least $120 million.
Police detained González in San Cristóbal, in the Venezuelan state of Táchira, nearly one year after Generación Zoe’s leader, Leonardo Cositorto, was sentenced to 12 years in prison in Argentina. Investigators say the scheme lured investors with promises of returns as high as 7.5%.
According to Argentine newspaper Clarín, Cositorto told authorities that González fled Argentina following the collapse of Generación Zoe in mid-2022, allegedly escaping with 611 Bitcoin—worth approximately $56 million at the time.
An unnamed source close to Cositorto told Clarín that hopes now rest on González cooperating with investigators to help recover investors’ lost funds.
Generación Zoe claimed to generate profits using proprietary market-predicting bots and a gold-backed cryptoasset. However, investigators later determined the operation was a Ponzi scheme, paying earlier investors with funds from newer participants.
Prosecutors allege González introduced Cositorto to the use of trading algorithms she claimed to have developed, boasting of “quantum security” and potential monthly returns of up to 70%. In promotional videos, she described the technology as unmatched in the crypto market.
After reportedly avoiding arrest in Buenos Aires with the help of private security, González fled to Venezuela. There, she allegedly began working on a new crypto-related scheme, promising Argentine investors monthly returns of 5% on crypto investments of at least $1,000.
Repatriating González to Argentina may prove difficult. Interpol officials cited strained diplomatic relations between Venezuela and Argentina, which deteriorated after Buenos Aires rejected the results of Venezuela’s July 2024 elections.
