Argentina’s President Javier Milei faces allegations of fraud after promoting the $Libra cryptocurrency, which led to $250 million in losses for investors. The launch, announced via social media, resulted in a dramatic rise and subsequent collapse in value. This prompted federal investigations and calls for impeachment amidst accusations of a calculated scam.
In a shocking turn of events, Argentina’s president, Javier Milei, recently promoted a new cryptocurrency named $Libra, which resulted in substantial financial losses for investors. The launch occurred after a tweet by Mr. Milei on Valentine’s Day, announcing the availability of the cryptocurrency just 23 minutes post-creation. The initial excitement prompted thousands to invest, driving $Libra’s value up before it unexpectedly plummeted, leading to cumulative losses of around $250 million for the majority of investors, as key stakeholders sold their holdings just before the collapse.
This incident has sparked outrage across Argentina, with critics accusing President Milei of being complicit in the scam, which many have categorized as a classic “rug-pull” scheme. In light of these events, numerous criminal complaints have been filed against him, prompting a federal investigation targeting the president himself. Opposition leaders have even called for impeachment based on the scandal.
Meanwhile, during a speech at the Conservative Political Action Conference in Washington, D.C., Mr. Milei continued to press his political agenda despite the controversy surrounding his involvement with the cryptocurrency. The incident has drawn parallels with a similar cryptocurrency promotion by former President Donald Trump, which incurred substantial losses for investors. This comparison highlights a troubling trend in celebrity-endorsed cryptocurrencies leading to risky investments for the public.
The controversy surrounding the $Libra cryptocurrency has raised serious questions regarding President Javier Milei’s role and responsibility in promoting a digital asset that ultimately defrauded thousands of Argentinians. As investigations commence and public outrage grows, the implications for Milei’s presidency could be significant, affecting both his political capital and public trust. The scandal serves as a stark reminder of the dangers inherent in the rapidly evolving cryptocurrency landscape, especially when associated with high-profile endorsements.
Original Source: www.nytimes.com
