Key Points:
- Argentine President Javier Milei claims he only shared information about the project out of technological enthusiasm but acknowledges the need for more caution.
- Lawyers have filed fraud complaints, and opposition lawmakers are calling for Milei’s impeachment.
Argentine President Javier Milei is facing growing political backlash after his social media endorsement of a cryptocurrency project that collapsed, causing significant financial losses for investors.
Read more: LIBRA Token Sparks Scam Suspicions After Being Promoted by Argentine President
President Javier Milei Defends His Actions Amid Backlash
During an interview on TN’s “¿La Ves?” on Monday, President Javier Milei defended his involvement, stating that he merely shared information about the cryptocurrency, LIBRA, as part of his interest in technological innovation. However, Milei acknowledged that he needs to be more cautious about his endorsements as president.
“I didn’t promote it, I shared it. I am a die-hard technoptimist. Any initiative that improves financing for tech entrepreneurs interests me,” Milei stated.
Milei also revealed that he met Hayden Davis, a key figure behind LIBRA, at Casa Rosada in October 2024. According to the president of Argentina, Davis presented the project as a means to support entrepreneurs who lack traditional funding.
“My tweet came just three minutes after the coin was created because I’m passionate about these things and found out about it. These are volatility traders who knew what they were doing,” Milei said in the interview.
On Friday, Milei posted on X about LIBRA, describing it as an initiative to boost Argentina’s economy by funding small businesses. His post included a link to the token’s purchase platform.
The token’s value initially surged before plummeting, leading to widespread investor losses. Shortly afterwards, Milei deleted his post and admitted he had erred in judgment.
Legal and Political Consequences Intensify
A group of lawyers filed fraud complaints in criminal court on Sunday, accusing Milei of playing a central role in what they called a “crypto scammer.” Lawmakers have also intensified impeachment calls, with Argentina’s Congress of Deputies labelling the situation “an unprecedented scandal.”
Analysts suggest that LIBRA functioned as a typical meme coin, benefiting early investors while leaving others with heavy losses. Davis himself admitted that some individuals with privileged information may have profited disproportionately.
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