Argentinian President Javier Milei is facing fraud allegations after the sharp collapse of the $LIBRA cryptocurrency. The country’s main opposition party has announced its intention to file a lawsuit against Milei and has launched an official investigation.
President Milei had introduced the $LIBRA cryptocurrency on the X social media platform, stating that it was designed to support small and medium-sized businesses (SMEs). However, after sharing a purchase link, the value of $LIBRA surged rapidly, reaching a market capitalization of $4.5 billion.
Nevertheless, Milei deleted his post just a few hours later, leading to a dramatic crash in $LIBRA’s value, wiping out 95% of its worth. As billions of dollars vanished from the market, accusations of a "rug pull"—a scheme where prices are artificially inflated to attract investors before abruptly crashing—were directed at the president.
In response to the opposition’s claims, Milei dismissed the allegations as mere speculation and stated that government regulatory agencies would investigate the matter.
