Argentine President Javier Milei is facing allegations of fraud over his involvement with the cryptocurrency $LIBRA, which has cost investors thousands. A judge has been tasked with leading an investigation into whether Milei acted illegally.
Milei promoted the cryptocurrency on social media, saying it would spur “economic growth by funding small businesses and startups”. The value of the currency briefly reached $4 billion before plummeting, prompting critics to accuse Milei of a “rug pull” scam.
Critics argue that as an administrator of the currency’s developer KIP Protocol, Milei should have been more transparent about his involvement. His office has since distanced himself from the project, but some still believe he is responsible for the cryptocurrency’s collapse.
Milei’s opponents have warned that if found guilty, he could face impeachment. Despite this, it is unlikely that Milei will be held accountable through an impeachment hearing, but the scandal may damage his economic credibility ahead of the 2025 midterm elections.
Source: https://www.aljazeera.com/news/2025/2/18/argentinas-javier-milei-faces-fraud-allegations-over-cryptocurrency-post