Argentine President Javier Milei is entangled in a scandal involving the cryptocurrency LIBRA, facing severe fraud allegations after the token's value plummeted just hours post-launch.
Legal Proceedings and Allegations
Lawyer Jonatan Baldiviezo accused Milei of being part of an 'illicit association' aimed at misleading investors. The case is now under review by Argentina’s criminal justice system for further investigation.
The LIBRA Saga
The LIBRA token, developed on the Solana blockchain, saw a rapid increase in value after Milei's personal endorsement. However, within 11 hours, it lost over 94% of its value. According to Lookonchain, insiders withdrew $107 million before the crash, including 57.6 million USDC and nearly 250,000 Solana.
Milei’s Response: Denial and Counterattack
Milei deleted his promotional post and stated he was unaware of the project details and had no direct involvement. He accused political opponents of using the situation to tarnish his reputation. His administration requested an investigation from the National Anti-Corruption Office.
The LIBRA scandal has sparked political turmoil in Argentina, potentially leading to impeachment proceedings against Milei. Investigations into the project's alleged misconduct continue.
