In a dramatic twist during a recent Valentine’s Day tweet, Javier Milei, the president of Argentina, introduced a newly minted cryptocurrency called $Libra. With the promise that "the world wants to invest in Argentina," he encouraged investments just shortly after its creation — a mere 23 minutes beforehand.
Initially, $Libra experienced a meteoric rise, attracting thousands of eager investors. However, this bubble quickly burst, as the primary holders of the coin sold their shares and vanished from the scene, leaving behind a staggering $250 million in losses for newcomers. This scheme, known in crypto circles as a “rug pull,” has sent shockwaves through Argentina, leading many to accuse Milei of deceiving his constituents.
In the wake of the scandal, critics are demanding the president’s impeachment, citing the betrayal of public trust. The fallout has also sparked multiple criminal complaints from concerned citizens and led to a federal investigation focusing on Milei.
Amidst the controversy, Milei traveled to Washington to speak at the Conservative Political Action Conference, where he shared the stage with former President Trump, who had similarly endorsed a cryptocurrency that fizzled out, causing substantial losses to its investors as well.
As Argentina grapples with the consequences of this deceitful digital currency venture, the $Libra scandal has become a pivotal issue for Milei’s administration, raising serious questions about accountability in the emerging world of cryptocurrencies.
Initially, $Libra experienced a meteoric rise, attracting thousands of eager investors. However, this bubble quickly burst, as the primary holders of the coin sold their shares and vanished from the scene, leaving behind a staggering $250 million in losses for newcomers. This scheme, known in crypto circles as a “rug pull,” has sent shockwaves through Argentina, leading many to accuse Milei of deceiving his constituents.
In the wake of the scandal, critics are demanding the president’s impeachment, citing the betrayal of public trust. The fallout has also sparked multiple criminal complaints from concerned citizens and led to a federal investigation focusing on Milei.
Amidst the controversy, Milei traveled to Washington to speak at the Conservative Political Action Conference, where he shared the stage with former President Trump, who had similarly endorsed a cryptocurrency that fizzled out, causing substantial losses to its investors as well.
As Argentina grapples with the consequences of this deceitful digital currency venture, the $Libra scandal has become a pivotal issue for Milei’s administration, raising serious questions about accountability in the emerging world of cryptocurrencies.
