In a stunning twist that feels ripped from the headlines of a bad thriller, Argentine President Javier Milei is now under the microscope for his role in a crypto fiasco that has left investors reeling.
It all began when Milei promoted the $LIBRA cryptocurrency on social media, claiming it would boost Argentine businesses. Investors jumped in, and within hours, the token’s value skyrocketed by an insane 1,300%. Over 40,000 enthusiastic investors threw their money into the mix, dreaming of riches.
Milei’s bold promotion of $LIBRA sent investors into a frenzy, with the token’s value soaring 1,300%—until disaster struck.
But just like that, the dream turned into a nightmare. The token’s value crashed, leaving three wallets holding a staggering 84% of the tokens, and millions in losses followed. Surprise, surprise—three out of four investors lost money, with some individuals facing losses of up to $5 million. Ouch.
The fallout from this disaster has been swift. Judge María Servini is now investigating allegations of fraud tied to Milei’s promotion. Prosecutor Eduardo Taiano is digging deep, tracking transactions and looking into potential money laundering. They’re even examining phone logs from the presidential offices. And let’s not forget the idea of insider trading. It’s like a soap opera but with more spreadsheets and legal jargon. Meanwhile, efforts are underway to blacklist digital addresses to stop the global spread of funds. Alarm raised by followers regarding 84% ownership concentration in three wallets. The investigation will also scrutinize whether Milei’s actions constituted a part of an illicit association with the cryptocurrency’s developers. Additionally, this incident highlights the significance of market cap as a metric reflecting investor sentiment and market dynamics.
Despite the chaos, Milei denies any involvement in the scheme, insisting he didn’t profit personally. His Anti-Corruption Office is conducting an internal investigation, but many are calling for accountability.
Surprisingly, Milei’s approval rating only dipped by four points. It seems that while the scandal has made waves, it hasn’t sunk his ship just yet.
With a brief market cap of $2 billion, the $LIBRA fiasco has dealt a blow to trust in cryptocurrency, especially for investors outside Argentina. It’s a mess that’s drawn attention away from broader economic recovery challenges.
And amidst all this, speculation lingers—was it a political setup? The drama continues.
