President Javier Milei Faces Accusations of Manipulating $LIBRE Cryptocurrency in Argentina
- Milei accused of cryptocurrency manipulation.
- Impeachment requested after $LIBRE scandal.
- Investigations seek to clarify presidential involvement.
Recent events involving Argentine President Javier Milei and a meme cryptocurrency called $LIBRE have sparked a wave of controversy and accusations of market manipulation, culminating in calls for his impeachment from opposition leaders.
At the heart of the scandal is President Milei’s endorsement of $LIBRE, which, after being publicized on his X (formerly Twitter) account, boosted the value of the coin from a mere $0,006 to nearly $5 per token. This abrupt rise attracted a significant number of investors. However, within just six hours, the cryptocurrency had plummeted to $0,84, triggering a barrage of criticism and accusations that the president had engaged in a classic “rug pull” — a practice in which prices are artificially inflated and then abruptly abandoned by its promoters.
Leandro Santoro, a prominent member of the opposition coalition, expressed his outrage and called for action: “This scandal, which shames us on an international scale, forces us to launch an impeachment request against the president.”
Although Milei later deleted the endorsement and attempted to distance herself from the project, claiming a lack of detailed knowledge, her actions had already had a devastating effect. Argentina’s fintech chamber later confirmed that the episode had all the hallmarks of market manipulation.
Meanwhile, the company behind $LIBRE, KIP Protocol, defended itself by claiming that the president was never directly involved in the development of the token. Subsequent changes to the company’s statements indicated that Kelsier Ventures, led by Hayden Davis, was responsible for the creation and market management of the token, denying any direct manipulation by Milei.
In addition to the political accusations, former president Cristina Fernández de Kirchner also spoke out, highlighting the negative impact of the scandal on investors, where “thousands who trusted him lost millions”.
The case continues to evolve, with an official investigation being launched by the presidency to clarify the connections and actions involving $LIBRE and its promoters. The Anti-Corruption Office is reviewing the conduct, while a specialized unit analyzes financial and legal details to determine possible illegalities.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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