The president of Argentina, Javier Milei, was taken fire for the abrupt collapse of a cryptocurrency that he promoted, in a movement that has activated lawsuits and evokes his accusation.
Milei is confronted with more than 100 complaints against him at the Supreme Court of the country and accuses him to participate in an alleged scam with regard to the cryptocurrency $ Libra, which, according to opposition politicians, have resulted in financial losses for 40,000 people.
On February 14, the Argentinian leader posted a message on his X account, with 3.8 million followers: “Liberal Argentina is growing! This private project will be dedicated to encourage the growth of the economy of Argentina, to be small Argentinian companies and companies Financing the world to invest in Argentina.
Within a few minutes, $ Libra went from a political groups from a cent to $ 4.97 per unit. But unfortunately for investors this walk was short -lived. Within a few hours it fell to $ 0.19.
Now public prosecutors will determine whether there are sufficient elements to continue with a criminal investigation against the president and other possible suspects.
Milei is accused of helping to blow up the price of the currency by promoting it on X and then withdrawing his support, so that the cryptocurrency collapsed.
Former Argentinian President Cristina Kirchner claimed that Milei was a “crypto fraud” in a long post on X in which she also accused him of changing the country in a casino in which he was the croupier.
“The president must come to the congress. He cannot investigate himself, “said politician Esteban Paulon, a member of the opposite socialist party, in a message about X calling for Milei's accusation.
Milei has since abandoned this collapse and claims that he did not benefit from the memecoin.
“A few hours ago I placed a tweet, as I did countless times before, about private initiatives that want to contribute to the development of our country. I have no relationship with the company that created this cryptocurrency, nor have I received any benefits. In a statement about X, the official account has posted for the office of the Argentinian president: “Given the facts, President Javier Milei decided to immediately involve the Anti-corruption Office (among others) to determine whether there was incorrect behavior of the side of each member of the national government, including the president himself. '
Entrepreneur Hayden Mark Davis, one of the makers of the Cryptocurrency $ Libra, also blamed Milei for the collapse.
“His team had obtained his public support from the launch and assured me that his support would take place throughout the entire process,” said the American investor in a statement from his company, Chessier Ventures. “Despite earlier obligations, Milei and his team unexpectedly reversed their position, withdrew their support and removed all previous notes on social media,” Davis claimed, indicating that this setback would have activated in panic sales of the token.
“It is crucial to acknowledge that Memecoin investments are driven by trust and approval. When Milei and his team removed their posts, investors who had bought it felt base their trust on that approval. “
