Argentina’s President Javier Milei has come under fire for the sudden collapse of his advocated cryptocurrency, a move that sparked lawsuits and calls for improvisation.
Miley faces more than 100 complaints The country’s Supreme Court opposed him, accusing him of participating in a suspected scam related to the cryptocurrency $libra, which opposition politicians estimate have resulted in financial losses of 40,000 people.
Argentina’s leader on February 14 Posted a message on his X accountwith 3.8 million followers: “The development of Argentine liberals! This private project will be dedicated to encouraging Argentina’s economic growth and funding small Argentine companies and adventure companies. The world wants to invest in Argentina. $ Libra.”
In less than a few minutes, $ libra went from the score of value to $4.97 per unit. But unfortunately, for investors, the rate hike is short-lived. Within a few hours, it fell to $0.19.
Now, prosecutors will determine whether there are sufficient factors to conduct criminal investigations into the president and other possible suspects.
Milei is accused of helping currency price inflation by promoting currency on X and then withdrawing his support, causing cryptocurrency to collapse.
Former Argentina President Cristina Kirchner claims Milei is a “crypto fraudster” In a lengthy post on x She also accused him of turning the country into a casino.
“The president has to come to Congress. He cannot investigate himself. About X requires Milei’s improvisation.
Milei has since been far from the collapse, claiming he has not benefited from the members.
“I’ve done countless tweets like before about private programs aimed at contributing to our country’s development. I have no relationship with the companies that have created this cryptocurrency and have not received any benefits.” exist Statement on xthe official account of the Argentine presidential office released: “In view of the facts, President Javier Milei has decided to participate immediately in the Office of Anti-Corruption (OA) to determine whether the state members of the government have committed misconduct, including the President himself.”
Hayden Mark Davis, one of the creators of the cryptocurrency $libra, also blamed Milei for the collapse.
“His team received public support at launch and assured me that his support will continue throughout the process,” the U.S. investor said in a statement from his company Kelsier Ventures. “Despite prior commitment, Miley and his team unexpectedly reversed their stance, withdrew their support and removed all previous endorsements on social media,” the claim said.
“It is crucial to recognize that Memecoin investment is driven by trust and recognition. When Miley and his team deleted their positions, investors who purchased tokens felt betrayed by trust as based on recognition. ”
