Argentine President Javier Milei is under fire amid fraud allegations related to the promotion of the LIBRA cryptocurrency, which crashed soon after its launch.
Legal Action and Allegations
Lawyer Jonatan Baldiviezo, representing the plaintiffs, accuses Milei of participating in an illicit association aimed at defrauding investors. The lawsuit, co-signed by legal and financial professionals, is currently under review by Argentina’s criminal justice system.
What Happened with LIBRA?
The LIBRA token, developed on the Solana blockchain, soared in value after Milei publicly endorsed it. However, within 11 hours, its value plummeted by over 94%. Allegedly, eight wallets associated with the LIBRA team withdrew $107 million before the crash.
Milei’s Response: Denial and Counterattack
After deleting his promotional post, Milei claimed ignorance of the project's details and accused political opponents of exploiting the situation. His administration has called for the Anti-Corruption Office to investigate all government members, including Milei himself.
The LIBRA situation has sparked political turmoil in Argentina, with calls for Milei's impeachment citing the reputational damage to the country.
