The president of Argentina, Javier Milei, used his X account to promote the cryptocurrency
#libra : "Liberal Argentina grows!!!", he wrote, pinning the message to his profile. In the post, he stated that the private project would encourage the growth of the Argentine economy, financing small businesses and entrepreneurships. The publication included a link to the project's website, the coin's tag and the token's contract for investment through the Solana crypto wallet.
A few minutes after the post, the price of $Libra soared from 0.3 cents to $5.54. Five hours later, it plummeted to $0.19, after a high volume of instant purchases and sales. The movement raised suspicions of a rug pull, a financial scam in which the value of an asset is artificially inflated to attract investors before an abrupt collapse.
After the cryptocurrency collapse, supporters of
#Milei claimed that his X account had been hacked or that third parties were exploiting his image to promote business. Meanwhile, the opposition accuses him of involvement in a fraudulent scheme and has filed impeachment requests.
In light of the repercussions, Milei deleted the post and claimed to have no full knowledge of the project.
In 2021, when he was still a congressman, the president had already been criticized for promoting the company CoinX, which later faced legal proceedings on charges of operating a financial pyramid scheme.
The next few hours will be decisive in defining possible actions by the judiciary. Meanwhile, the hashtag
#MileiStafador remains among the most talked about topics on social media in Argentina.
Without consequences, right-wing politicians like Milei,
$TRUMP and Bolsonaro (with
#patriotacoin and
#mito ), will continue to promote scams in their favor and against the Crypto Market and
$BTC