Argentine President Javier Milei was facing confrontation, including some who call for impeachment, after improving a new cryptocurrency in his social media account.
In a sole post from his personal X Account on February 14, Milei shared a site called a benched new initiative called the project book, who website Funds displayed from coin launches designed to support Argentine businesses.
In his post, Milei introduces the coin and the project helps the country’s economy and small businesses.
Shortly after the launch, the coin price rose from about $ 0.22 to more than $ 5. However within an hour of launch, buyers have begun to see the sale from early buyers, and The price is mounted 50%.
According to Crypto Analytics firm TookonchaEight digital wallets involved in early coin trading in a total of $ 107 million, while reporting Data News Site Icobench Displays about 60 individual merchants in each lost over $ 500,000, while 24 entrepreneurs lost at least $ 1 million.
Today, the pound coin is worth $ 0.30 according to coinmarketcap.com.
The timeline of events leads to social media accusations that the coin developers, or those who have early project awareness, imposed a “rug lame” to later buyers, which they know that they can sell at a higher price.
Representatives for the project did not respond to a request for commentary.
The situation worsened in parallel President Donald Trump’s promotion of a cryptocurrency before taking office; That coin, Trump, falls in the sum of about 80% to about $ 16 from the immediate post-launch high nearly $ 78.
However, while the early Trump Sensi Makers also saw many windfalls, the project was more transparent about its ownership structure.
In a post of X, Hayden Davis, an American, denied the accusations at the wrong launch of launching pounds and accused Milei himself to the project reneging.
“It is important to be recognized that memecoin investments are driven by trust and endorsement,” Davis’s letter. “To eliminate Milei and his team their posts, investors buy the token based on their confidence in his endorsement. This causes a wave of panic . Sudden loss of trust has a catastrophic effect on token market. “
Davis didn’t answer a request for more comment.
On Saturday, Milei’s official account posted a high description of the occurring, declaring that the Milei himself drove the anti-corruption investigation in Argentina.
In a television interview on Monday, Milei admits that he is likely to be wrong to improve the coin.
“I’m a techno-optimist… And it’s suggested for me as an instrument to help Argentine projects,” he said According to the financial period. “It’s true to try to help Argentines, I took a slap in the face.”
His office said that as he met twice with project representatives, he never joined it.
“The most interesting lesson is that… I have to put more filters, it’s not easy for people to get to me,” says Milei in the interview.
While some analysts say that enough votes to pass impeachment articles may not be able to, Milei’s opposition has interfered with the incident, calling it “A scandal without first” and another group for creation of an independent commission, According to the New York Times.
Milei is the first foreign leader to meet Trump after November elections, and develops what a few of “Bromance” with Elon Musk. Milei pioneered a new government agency, the Ministry of Deregulation and State change, last year with similarity to the Department of Captamente in the Government of the ECPice Pictionheaned.
Milei took office in December 2023 that promised to solve long-term deficiencies in his country. Although some progress has become, the country’s poverty rate also increases.
