Argentine President Javier Milei is facing serious fraud allegations over his promotion of the LIBRA token, which collapsed within hours after launch. This casts a shadow on his reputation and has caused a public uproar.
Legal Action and Allegations
Lawyer Jonatan Baldiviezo accuses Milei of participating in an 'illicit association' aimed at defrauding investors. The lawsuit, co-signed by multiple legal and financial professionals, argues that the president’s actions were essential in misleading the public. The case is now under review by Argentina’s criminal justice system.
What Happened with LIBRA?
The LIBRA token, developed on the Solana blockchain, saw an explosive rise in value after Milei publicly endorsed it. The token briefly hit a market capitalization of $4.56 billion before its value plummeted by 94%, falling to $257 million. According to Lookonchain, eight wallets associated with the LIBRA team snatched $107 million before the crash.
Milei’s Response: Denial and Counterattack
After deleting his promotional post, Milei claimed he was unaware of the project’s details and had no direct involvement. He accused his political opponents of exploiting the situation to damage his reputation. His administration has requested the country’s Anti-Corruption Office to investigate all government members, including Milei.
The LIBRA scandal has intensified the political climate in Argentina. Opposition calls for impeachment as the controversy continues to gain attention both nationally and internationally.
