Argentina’s President Javier Milei is under investigation for fraud concerning $LIBRA, a cryptocurrency he promoted. After a brief surge, $LIBRA’s value collapsed, leading to accusations that Milei’s endorsement contributed to significant investor losses. Critics are calling for accountability, and Milei fears possible impeachment pending investigation results.
Javier Milei, the President of Argentina, now faces allegations of fraud linked to the cryptocurrency $LIBRA. A federal judge, Maria Servini, has been assigned to investigate Milei’s involvement amid claims that investors have lost significant amounts due to the cryptocurrency’s volatile performance. The scandal emerged following the launch of $LIBRA, which briefly peaked at a $4 billion market capitalization after Milei promoted it on social media as a means to boost economic growth.
However, as quickly as it rose, the value of $LIBRA plummeted, leading some critics to label the situation a scam or similar to a ‘rug pull’ scheme, where initial gains are undermined by a sudden drop in investor interest. In response to the collapse and subsequent allegations, Milei’s office issued a statement distancing him from any direct involvement with the cryptocurrency’s development, stating he merely promotes innovative projects as part of his free-market agenda.
Opposition figures have expressed concerns that after the investigation, Milei could potentially face impeachment based on the findings. Legal representatives for the plaintiffs argue that Milei’s endorsement directly contributed to the financial losses experienced by numerous investors, estimating over $4 billion stranded from the cryptocurrency’s sudden fall.
Public sentiments regarding Milei’s handling of the crisis vary; he continues to assert that he is the true victim, claiming that he frequently supports various private ventures. Additionally, one of $LIBRA’s developers has criticized Milei for retracting his support and removing previous promotional content. While an impeachment proceeding remains uncertain, the controversy could harm Milei’s reputation and economic standing ahead of the upcoming midterm elections.
In summary, President Javier Milei faces serious allegations of fraud related to the cryptocurrency $LIBRA. An investigation is underway to examine his involvement and the potential impact of his promotional activities on investors. The controversy could not only influence Milei’s political future but also casts a shadow over his economic policies as Argentina approaches critical elections.
Original Source: www.aljazeera.com
