The Argentine President, Javier Mileifaces a political crisis of compromising proportions after the promotion in their social networks of a cryptocurrency project that collapsed amid accusations of fraud and millionaire losses.
The controversy has climbed to the point that the opposition will ask for a political trial against him, arguing that the president acted as a promoter of a fraudulent scheme that harmed thousands of investors.
This Sunday, the main Argentine opposition parliamentary group, Union by La Patria (UXP), announced that it will submit an application for a political trial against the ultra -liberal president.
In a rapid damage control operation, Milei convened the anti -corruption office and at the same time announced the creation of a fact investigation unit. But evil was done, and criticisms and accusations have arrived in a waterfall.
‘The participation of (Javier) Milei in a crime of crypt scam is of enormous gravity. It is an unprecedented scandal, ‘they said from the UXP block.
“Never in history was something similar,” says Cfk
President Cristina Fernández de Kirchner, in an extensive message on the X network, denounced the head of state for being “the hook of a digital scam” and added that “never in history was something similar.”
The UXP leader accused the president of turning the country into “a casino where Crupier is the president himself.”
This time Che Milei does not go because, really, never in history was something similar.
From Hayek you went to Ponzi and went to the Pasto badly.
From your official X account you promoted a private cryptocurrency, created to know who.
You inflasted its value taking advantage of …
– Cristina Kirchner (@cfkargentina) February 15, 2025
For the president of the Civic Coalition, Maximiliano Ferraro, Milei could have incurred crimes typified in the laws of public ethics and financial entities.
“What happened could configure money laundering crimes, fraud and/or fraud, which the FIU cannot ignore,” said Ferraro, aforementioned By the Spanish Agency EFE.
Meanwhile, the ruling party has made mutis, except for the Minister of Security, Patricia Bullrich, who victimized the president.
“What happened was an atomic bomb to try to go down to the president of a deep … to take him to the president to political trial, it is an excessive thing. He has the right to support ventures, ”he defended Milei of the thousands of questions that come from inside and outside the country.
Operation $ Libra
Last Friday, Milei used his X account to boost the project “Long live La Libertad Project” and his token, $ Libra, with the message: “The world wants to invest in Argentina. $ Pound ”.
The publication, which remained fixed on its profile for more than five hours, generated an immediate impulse in the value of the digital asset, not because it had a support but by the figure that promoted it, something that the calls explode Meme Coins or memes coins.
However, euphoria was ephemeral. Economists and cryptocurrency specialists quickly warned about the risk that $ Libra was a scam or a Ponzi scheme, which is a pyramid scam that attracts investors and pays previous investors with more recent investor funds.
Given the growing controversy, Milei erased the message and disconnected from the project, claiming not to be “internalized from the details.”
“A few hours ago I published a tweet, like so many other infinite times, supporting an alleged private venture that obviously has no link. I was not internalized from the details of the project and after having internalized I decided not to continue disseminating (that’s why I erased the tweet), ”Milei said in a later message.
The $ Libra value experienced extreme volatility. After the support of Milei, the Token shot from 0.3 cents to a peak of $ 4,978. However, shortly after, the price collapsed, leaving numerous investors with significant losses.
https://www.youtube.com/watch?v=4kum9xams5a
Two hours and 44 billion dollars in action
Specialists like Javier Smaldone described the situation as a Rug Pulla common scam in the world of cryptocurrencies in which creators artificially inflate the value of an asset to attract investors and then undone of their positions, leaving others with losses.
Smaldone estimated that the operation lasted just two hours and moved around 44 billion dollars, with profits for scammers that would amount to about 107 million dollars.
What happened with $ Libra “will create a lot consideredFor his part, the American businessman, Charles Hoskinson, cited by the newspaper The nation.
According to Hoskinson, the “businessmen” who appear involved in the launch of the Cryptocurrency $ Libra asked him for money in exchange for unlocking a meeting in Argentina with President Javier Milei and that, thus, “magical things will happen.”
According to The nationin October 2024 Milei held a meeting with the CEO of the company that promoted the cryptocurrency, which has fed the thesis of a stronger link than the president claims to have had with the project.
