President of Argentina accused of fraud over promotion of $LIBRA cryptocurrency token
February 17, 2025
President of Argentina Javier Milei has found himself at the center of a scandal after promoting the $LIBRA token, which initially surged in price before plummeting by 85%, causing investor losses. A group of lawyers has filed a lawsuit, accusing him of fraud.
Political consequences
The opposition is discussing the impeachment of Javier Milei amid the scandal. One of the lawmakers called the situation “unprecedented” and demanded accountability from the president. A decision will soon be made on whether a judge will handle the case or if it will be transferred to a prosecutor.
The president’s and his administration’s version
On Friday, Javier Milei promoted the $LIBRA token on X as part of the *Viva La Libertad* initiative for small businesses but soon deleted the posts, citing insufficient vetting. He denies any ties to the project, accusing opponents of inflating the scandal, although his administration acknowledged meetings with *KIP Protocol* developers.
Authorities reported that the Anti-Corruption Office is investigating the case and will refer it to court. Meanwhile, a representative of *KIP Protocol* blamed Milei for the cryptocurrency’s collapse, stating that his unexpected withdrawal triggered panic and a market crash.
Current token status
As of the article’s publication, the price of $LIBRA is approximately $0.3, which is 26% lower than the last 24 hours and 92% below its peak value. Further developments and potential new statements from officials and market participants are expected soon.