The President of Argentina Accused of Promoting Fake Crypto Coin

In a statement released on February 15, the Office of the President highlighted that Milei was not participating in any stage of crypto promotion.

As per the report from the Associated Press, a judge will be allocated to the case by the criminal justice on February 17.

The Milei government states that all the details accumulated during the scrutiny will be given directly to the judiciary

The President of Argentina, Javier Milei is troubled after getting charged with fraud charges for publicizing a fake crypto coin known as LIBRA. On February 16, the local lawyers filed the case against the President in the criminal court

On February 14th, Milei publicized the little-known crypto over a social media platform, X, which quickly skyrocketed to a market capitalization of around $4.5 billion. The President also highlighted that LIBRA was targeted at boosting economic growth by giving funds to small businesses and startups

Milei’s message

An industry-leading commentary on the global capital markets, Kobeissi Letter posted on X that it came out to be real as various other politicians from Argentina posted the news

The post got deleted after some hours, resulting in a slump in the value of the token, in a classic rug pull. The dip resulted in losses of millions of dollars to its brief investors, as per Dexscreener data

After some hours, Milei wrote a message that he had no link to the crypto move. I was not informed about the details of the project and after becoming aware of it I decided not to circulate it further

The message ignited an anticipation that his account may have been at risk. In the first three hours, investors in LIBRA started withdrawing $87.4 million, as per data sources Kobeissi Letter and Bubblemaps.

In a statement released on February 15, the Office of the President highlighted that Milei was not participating in any stage of crypto promotion and decided to eliminate the post to ignore speculation

Details will be given to the judiciary

One of the accusers of the President and a lawyer Jonatan Baldiviezo told the Associated Press that there is an illegal association to executing an undefined number of frauds. “Within this illegal association, the crime of fraud was carried out, in which the actions of the president were required

Two lawyers who have so far headed the Argentine Central Bank have signed the petition against Milei. The accusers asserted that the actions of the President were a rug-pull operation and that he breached the Public Ethics Law

As per the report from the Associated Press, a judge will be allocated to the case by the criminal justice on February 17, for further investigations. Adding more to this, the Anti-Corruption Office of Argentina would act quickly, the President’s Office accepted

The Milei government states that all the details accumulated during the scrutiny will be given directly to the judiciary to decide if any of the firms or persons associated with the KIP Protocol project were engaged in a crime