A judge in Argentina has been assigned to investigate allegations of fraud against President Javier Milei over his brief promotion of a cryptocurrency that collapsed in value hours after its launch. The $LIBRA cryptocurrency, developed by KIP Protocol and Hayden Davis, saw its value spike above $4 billion but then plummet, causing millions of dollars in losses for investors.
Milei promoted the cryptocurrency on social media, saying it aimed to encourage economic growth by funding small businesses and startups. However, he later deleted his post as the value began to decline amid criticism that it could be a scam. His office denies any involvement with the project’s creators.
Lawyers have filed complaints against Milei alleging that his actions were part of an illicit association to commit multiple acts of fraud. The case has been assigned to Judge María Servini, who does not have a deadline to finish investigating the allegations.
Milei’s office claims he was unaware of the cryptocurrency’s details and accused his opponents of trying to exploit the episode. However, one of the lawyers involved in the complaint says Milei’s actions were essential to the alleged crime.
The president’s office has stated that the country’s Anti-Corruption Office will investigate the case, further adding pressure on Milei amid growing scrutiny over his involvement with the cryptocurrency.
Source: https://abcnews.go.com/Business/wireStory/argentine-judge-investigates-fraud-case-president-milei-crypto-118909364