Argentine President Javier Milei finds himself at the center of controversy after his promotion of the cryptocurrency $LIBRA led to significant financial losses for thousands of investors. The coin's value initially surged following Milei's endorsement, only to plummet shortly thereafter. As a result, a judge has been appointed to investigate complaints filed against the president, accusing him of causing the financial downturn.
Milei's advocacy for $LIBRA was intended to stimulate economic growth by funding small businesses. He has maintained that his endorsement was made in good faith and that investments were made voluntarily. However, critics have called for his impeachment and lodged multiple criminal complaints, including one with the U.S. Department of Justice. These allegations suggest an illicit association aimed at committing fraud.
“The biggest MEGA scam in history in this sector was carried out through an operation known as ‘Rugpull’ which occurs when the developers behind a project launch a token and attract investors to increase its value, then abruptly withdraw and take the money.” – Popular Unity political party and others
The Popular Unity political party, among others, has spearheaded legal actions against Milei and associated parties, alleging that his endorsement resulted in widespread financial damage. Despite the backlash, Milei has defended his actions, emphasizing that he merely shared information about the cryptocurrency rather than directly promoting it.
“I did not promote it. What I did was I spread it,” – Javier Milei
In an attempt to distance himself from the ensuing chaos, Milei deleted his tweet endorsing $LIBRA just hours after posting it, citing emerging concerns about the cryptocurrency project. The developers, Kelsier, have denied accusations of fraud, asserting that they are not scammers. Nevertheless, the president likened investors in the token to gamblers, reiterating the voluntary nature of their financial decisions.
“No, because I also acted in good faith.” – Javier Milei
