Argentine Lawyers Accuse President Milei of Fraud Over Controversial Cryptocurrency Promotion
In Argentina, a group of lawyers has filed fraud charges against President Javier Milei after a recent cryptocurrency promotion caused a financial uproar. The incident occurred when Milei posted on his social media about a new cryptocurrency called $LIBRA. The coin, which was said to support small businesses and startups, quickly gained attention. However, within hours of the post, Milei deleted it, and the value of the currency plummeted, resulting in millions of dollars in losses for investors who had rushed to buy it.
The cryptocurrency, developed by KIP Protocol and Hayden Davis, was promoted through a link that led to a website named "vivalalibertadproject.com," echoing the phrase often used by Milei in his speeches. The rapid collapse of the coin raised suspicions of a "rug pull," a term used in the crypto world to describe a situation where developers intentionally inflate the value of a token to lure in investors, only to abandon it once the price peaks, leaving investors with worthless assets.
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As a result, the group of lawyers led by Jonatan Baldiviezo filed a formal complaint accusing Milei of fraud. They claim that Milei's actions played a significant role in the fraudulent scheme and that his involvement in the promotion of the cryptocurrency amounted to criminal activity. Baldiviezo and his colleagues argue that Milei’s actions violated the country's Public Ethics Law and potentially facilitated an illicit association to deceive investors.
In response to the allegations, Milei's office denied any involvement in the development of the cryptocurrency. They stated that the president was not aware of the details of the project and deleted the post after receiving more information. Milei later defended himself on social media, claiming that political opponents were attempting to exploit the situation to discredit him.
The Argentine government has promised to fully cooperate with the investigation. The Anti-Corruption Office, which operates under the Executive Branch, is expected to play a central role in uncovering the truth behind the project and its collapse. According to the President’s Office, all relevant information from the investigation will be handed over to the judiciary, which will determine whether any crimes were committed by individuals or companies linked to KIP Protocol.
This controversy highlights the increasing intersection between politics and the volatile world of cryptocurrency, a space that has garnered both massive growth and serious scrutiny in recent years. As the investigation unfolds, the public will be watching closely to see if the legal system holds the president accountable or if the case will become another political firestorm.
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