Argentina: Milei Faces Criminal Charges Over Alleged Crypto Rug Pull

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5 days ago

Above: Argentine Pres. Javier Milei leaves the Holocaust Museum after attending an event to commemorate International Holocaust Remembrance Day in Buenos Aires on Jan. 27, 2025. Image copyright: Luis Robayo/AFP via Getty Imagesstory last updated 4 days ago

The Facts

Lawyers in Argentina filed criminal fraud charges against Argentine Pres. Javier Milei on Sunday after the libertarian leader promoted an alleged crypto rug pull — an exit scam where creators lure investors only to cash out later, making the tokens worthless.
Milei said in a post on his personal X (formerly Twitter) account on Friday that the cryptocurrency token $LIBRA was a private project focused on funding small companies and local ventures. $LIBRA soon surged to $4.97 apiece, hitting a market cap of $4.5B.
In a matter of hours following the statement, the Libra plunged by more than 95% as wallets linked to its team began to cash out on the token, making a profit of over $107M worth of liquidity, including USD Coin and Solana.

The Spin

Narrative A

Milei has routinely shared posts on his personal accounts to support entrepreneurs who want to help boost the Argentine economy. It's absurd — though not shocking — that the country's leftist political establishment are now seeking to take advantage of the collapse of the token to attack him.

Oficina del Presidente on X Voz

Narrative B

The sitting president of Argentina was directly involved in a multibillion-dollar crypto rug pull, crossing legal and moral boundaries. Now, he must face criminal fraud charges and be impeached. After all, red flags were many — including the fact that two accounts controlled more than two-thirds of $LIBRA supply.

Buenos Aires Times