Argentina’s President Milei Faces Investigation Over LIBRA Cryptocurrency Promotion
Argentina's President Javier Milei is under investigation for promoting the cryptocurrency LIBRA, which experienced a brief surge in value before crashing. Key points include:
- Milei suggested LIBRA could enhance Argentina’s economy, causing its market cap to exceed $4 billion.
- Insiders reportedly cashed out over $100 million during the spike.
- The token's website was created shortly before launch, and over $87 million was withdrawn within three hours.
- Large holders sold assets during the peak, with some profiting over $4 million.
- After public backlash, Milei deleted his promotional post, claiming he did not fully understand the project.
- The Argentine government is investigating potential illegal actions by Milei and others associated with LIBRA.
- A special Investigation Task Unit (UTI) has been established to review LIBRA’s launch.
- The incident has triggered political backlash, with accusations of a pump-and-dump scheme and threats of impeachment against Milei.
- Buenos Aires Governor Axel Kicillof described the situation as large-scale financial fraud.
- This case raises concerns about the implications of political endorsements for cryptocurrencies.
The investigation will assess if any crimes occurred, with findings to be submitted to the courts.