Argentina’s President Javier Milei is facing intense political backlash, fraud charges, and calls for impeachment over his endorsement of the meme coin Libra.
In a televised interview, Milei admitted meeting the token’s creators but denied promoting it as an investment, claiming he was only sharing a crypto initiative to support Argentine entrepreneurs.
The controversy erupted after Milei’s social media post triggered a $4.5 billion market surge in Libra’s value, followed by a collapse after he deleted it. Critics have labeled it a rug pull, wiping out millions in investor funds.
Milei later distanced himself from the project, stating he was unaware of its details. His sudden reversal fueled speculation about a compromised social media account.
Meanwhile, Hayden Davis, linked to Libra’s backers, accused Milei’s team of abruptly withdrawing support, leading to the token’s downfall.
Despite the fallout, Milei maintains his intentions were genuine and has called for an anti-corruption investigation. He also downplayed investor losses, disputing claims that 44,000 people were affected, saying the real number is closer to 5,000, mostly from China and the U.S.
Image Credit: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
