The crypto world is a very unpredictable where your investment can sink at any time, or make you a billionaire in hours. And those who think of investing in crypto first look at the coin in which some famous personality has invested. Something similar happened with me as well.
What happened was that when Argentina’s President Javier Milei announced on social media the launch of a new cryptocurrency, I immediately invested 100 dollars in it. But within just a few hours, I lost more than half of my money. I had thought that investing in Libra Coin would certainly prove to be very beneficial for me because Argentina’s President had invested in it. But all my hopes sank that very day, and more than half of my investment was lost.
On February 17, 2025, a criminal complaint was filed in Argentina, in which President Javier Milei was accused of being part of an “illegal association” that deceived more than 40,000 people and caused them a loss of over 4 billion dollars. Because of his actions, the price of Libra Coin first rose rapidly but then suddenly fell. During this time, he remained unusually silent on social media. And he said that he did not promote it, but only shared it. But if that was the case, then why did he delete that post just a few hours later? This indicates his bad intentions, and because of this, investors in Argentina criticized him a lot.
Argentina’s President Javier Milei denies the accusation that he promoted a new cryptocurrency through his social media. And he has said that his intention was “good.” President Milei says that the number of people affected by this fraud is not more than 5,000.
Now, a federal judge, María Servini, has been given the responsibility to see whether the fraud allegations against President Milei should proceed or not. María Servini is the head of Federal Court No. 1 in Buenos Aires.
Regarding Libra cryptocurrency, some evidence points to the fact that it was a rug pull scheme.
The first piece of evidence is that when Argentina’s President Javier Milei promoted this token, its price increased by up to 3,000% within a few hours. But after he deleted his tweet, the token’s price dropped by 95%.
The second piece of evidence is that, according to blockchain researchers, eight digital wallets related to this token’s creator withdrew approximately $99 million worth of cryptocurrency from the marketplace.
The third major piece of evidence is that, according to some reports, insiders cashed out liquidity worth more than $107 million, which caused a 94% drop in the token’s price and a $4 billion loss in market capitalization. All these factors indicate that the launch and subsequent developments of the Libra token were part of a “rug pull” scheme.
The President’s office says that Milei had no connection with the Libra project and announced that the Anti-Corruption Office would decide whether the President engaged in any wrongdoing or not.
Defending his decision to delete his post, Milei said that his intention was only to express interest in a new blockchain project. But when he learned about the reality of this project and the suspicions surrounding it, he decided to distance himself from it. He stated that he does not want to be a part of anything that causes losses to people.
Various opposition politicians, including Leandro Santoro, have threatened impeachment against President Milei. Santoro said, “This scandal is embarrassing us on an international level, and we will initiate an impeachment request against the President.”
Additionally, former President Cristina Fernández de Kirchner has also strongly criticized President Milei and called him a “crypto fraudster.” And various political parties have also criticized President Milei, calling this step “shameful” and “irresponsible.”
President Javier Milei recently gave an interview to journalist Jonatan Viale on Todo Noticias (TN)’s program “¿La ves?”, in which once again, he said that his intentions were good and that he did not commit any wrongdoing. He emphasized that he has “nothing to hide.”
Milei has now become a notorious figure in the crypto world, and his actions have negatively impacted his international image as well.
However, personally, I do not consider the President’s actions as an attempt at fraud, but I believe that this could have happened due to a lack of information. And in my opinion, President Milei should have understood that if he promotes something, people will trust him. And when a country’s President promotes a cryptocurrency, people consider it to be secure.
In his first interview after the scandal, President Milei compared the actions of investors to those of gamblers, saying:
“If you go to a casino and lose money, then what is there to complain about? When you knew the risks, then why are you crying now?”
When I invested money in this project, I thought that this was just an extension of Donald Trump’s meme coin, just like how its price had skyrocketed in days, this coin’s price would rise as well. That’s why I bought this crypto coin.
Now, a federal judge is reviewing whether legal action should be taken against President Milei regarding the fraud allegations.
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