Argentina’s president, Javier Milei, has ignited a significant political backlash after endorsing the recently launched cryptocurrency token, $LIBRA, which initially experienced a sharp rise in value following his promotion, only to crash shortly after.
Crypto Controversy: Argentine President Under Fire Over $LIBRA Token Collapse
Crypto Controversy: Argentine President Under Fire Over $LIBRA Token Collapse
Javier Milei faces scrutiny after promoting a cryptocurrency that surged then plummeted in value, prompting an investigation into potential misconduct.
In a social media post on Friday, Milei highlighted the coin, claiming it would boost the economy and assist small businesses. However, skepticism grew quickly, leading to panic among investors and triggering a rapid decline in the token’s value. Just five hours post-endorsement, Milei deleted the initial message, claiming ignorance about the project's specifics and expressing regret for promoting it.
In a subsequent post through his official presidential account, Milei clarified that his promotion was intended as a standard business endorsement. He also announced that investigations are underway to determine if any laws were broken, including by members of his administration.
The controversy has drawn sharp criticism from political opponents, including a center-left coalition, which described Milei’s actions as unprecedentedly scandalous, calling for a congressional inquiry to examine the circumstances surrounding the cryptocurrency promotion. Comparisons have emerged with former U.S. President Donald Trump's recent memecoin initiative, which has also faced scrutiny following a rapid rise followed by a crash.
In a subsequent post through his official presidential account, Milei clarified that his promotion was intended as a standard business endorsement. He also announced that investigations are underway to determine if any laws were broken, including by members of his administration.
The controversy has drawn sharp criticism from political opponents, including a center-left coalition, which described Milei’s actions as unprecedentedly scandalous, calling for a congressional inquiry to examine the circumstances surrounding the cryptocurrency promotion. Comparisons have emerged with former U.S. President Donald Trump's recent memecoin initiative, which has also faced scrutiny following a rapid rise followed by a crash.
