Argentina’s President Javier Milei is facing a fraud case for promoting a cryptocurrency called $LIBRA which quickly collapsed in value. Milei tweeted about the digital token, claiming it would support economic growth before deleting the post. The cryptocurrency was developed by KIP Protocol and after Milei’s tweet, its value plummeted, resulting in significant losses for investors.
Lawyers in Argentina have brought charges against Milei, alleging he may have been involved in fraudulent activities related to the cryptocurrency. The lawyers suspect a “rug pull” scam, where developers attract investors and disappear with the funds. Milei’s political opponents have condemned his actions, with former President Cristina Kirchner accusing him of being a “hook” for a “digital scam.” Socialist Party politician Esteban Paulón has vowed to start impeachment proceedings against Milei.
In response to the controversy, Milei stated that he was not aware of the project’s details and decided to stop promoting it after being informed. The President’s Office announced that the country’s Anti-Corruption Office would investigate the matter, with all information to be handed over to the judiciary for further action. Milei’s team also revealed that representatives of KIP Protocol had recently met with members of his administration.
The case has raised concerns about the regulation of cryptocurrencies and the responsibility of public figures when promoting such investments. The investigation into the $LIBRA cryptocurrency collapse continues, with potential legal consequences for those involved in its promotion and development.
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