Argentine President Javier Milei faces intense scrutiny after endorsing $LIBRA cryptocurrency on X. The token surged 3,000% then crashed, wiping out $250 million from investors' pockets. Over 100 criminal complaints have been filed, and the U.S. Department of Justice launched an investigation. Developers Hayden Davis and Julian Peh are implicated, along with Milei's inner circle. Opposition parties want his impeachment. The scandal screams classic pump-and-dump scheme. The fury's just beginning.
While promising to revitalize Argentina's economy, President Javier Milei now finds himself at the center of a growing cryptocurrency scandal that has cost investors millions. The president promoted $LIBRA cryptocurrency on X, giving it his personal stamp of approval as a way to invest in Argentine businesses. Bad move, Mr. President.
The token's value shot up by a mind-boggling 3,000% after Milei's endorsement. Then it crashed. Hard. Investors lost around $250 million when the alleged "rug pull" scam collapsed. Now over 100 criminal complaints sit on Argentine judges' desks. Oops.
Market euphoria turned to despair as Milei's endorsed crypto collapsed, vaporizing $250 million and triggering a flood of legal complaints.
The U.S. Department of Justice isn't laughing either. They've launched their own investigation into Milei's role in what critics are calling "Cryptogate." Milei deleted his promotional post faster than you can say "economic crisis" and claimed he didn't know the details. Sure, buddy.
The cast of characters in this financial soap opera includes developers Hayden Davis and Julian Peh, along with Mauricio Novelli who reportedly connected them with Milei. Even the president's sister Karina has been mentioned in connection with the scheme. Family business, perhaps?
Opposition parties smell blood. Unión por la Patria is pushing for impeachment, alleging insider trading, price manipulation, and abuse of authority. Former president Cristina Fernández Kirchner has publicly condemned Milei as a crypto-scammer in a scathing denouncement. Meanwhile, a U.S. law firm is organizing class-action lawsuits for international investors who got burned.
The $LIBRA token briefly reached a market cap of $4.5 billion before its spectacular nosedive. That's real money from real people. Families hurt. Savings gone. Five major crypto wallets controlling over 80% of $LIBRA cashed out immediately after Milei's endorsement, triggering the devastating crash.
Milei has ordered an investigation by the Anti-Corruption Office. Ironic, right? The scandal has raised serious questions about political figures endorsing cryptocurrencies without due diligence.
The whole mess has been dubbed a "pump and dump" scheme, possibly breaching Argentina's Public Ethics Law. Global financial markets are watching nervously. Turns out "libertarian revolution" might just mean "libertarian at liberty to promote sketchy crypto." Who knew?
