Argentine President Javier Milei Faces Fraud Charges Over Crypto Promotion
President Javier Milei faces fraud charges after promoting the $LIBRA cryptocurrency, which collapsed, leading to significant investor losses.
- President Milei promoted $LIBRA cryptocurrency, which later collapsed.
- Lawyers filed fraud charges, alleging a “rug pull” scheme.
- Milei denies involvement, citing lack of project details.
President Milei’s Promotion of $LIBR Cryptocurrency
On February 14, 2025, Argentine President Javier Milei used his social media platform to endorse a new cryptocurrency called $LIBRA. He described it as a private initiative aimed at stimulating Argentina’s economic growth by funding small businesses and entrepreneurs. The promotion included a link to the project’s website, vivalalibertadproject.com, which references Milei’s well-known slogan. However, within hours, the value of $LIBRA plummeted, resulting in substantial financial losses for invest
Legal Actions and Allegations of Fraud
In response to the cryptocurrency’s collapse, a group of Argentine lawyers, including Jonatan Baldiviezo and Marcos Zelaya, filed fraud charges against President Milei in criminal court. They allege that Milei’s promotion of $LIBRA constituted an illicit association to commit fraud, commonly known in the crypto industry as a “rug pull.” This term refers to a scenario where developers launch a promising token, attract investors, and then abandon the project, leaving the tokens worthless. The plaintiffs also claim that Milei’s actions violated the Public Ethics Law.
President’s Response and Ongoing Investigations
Following the backlash, President Milei deleted his initial post and stated that he was unaware of the project’s details at the time of promotion. He emphasized that he had no involvement in the development of $LIBRA and removed the post to prevent further speculation. The President’s Office announced that the Anti-Corruption Office would investigate the matter to determine if any misconduct occurred. Additionally, it was acknowledged that Milei and his team had met with representatives of KIP Protocol, the developers behind $LIBRA, prior to its launch.
