Milei Meme Coin Controversy: A Crypto Scandal Shakes Argentina

Argentina’s President Javier Milei is facing backlash over his social media promotion of a Solana-based memecoin, $LIBRA. Dubbed #MileiMemeCoinControversy, the scandal erupted after Milei’s endorsement caused the coin’s value to surge, only for it to crash by 94% after he deleted his post. Investors lost nearly $100 million, sparking allegations of a pump-and-dump scheme.

The opposition has called for Milei’s impeachment, while a federal judge is investigating whether the incident involved fraud. Reports suggest that over 40,000 people were affected. Milei, however, denied wrongdoing, stating he only “spread the word” about $LIBRA and was not involved in its creation.

The controversy has rattled Argentina’s financial markets, with the S&P Merval index dropping over 5% before partially recovering. It has also reignited concerns about political figures endorsing cryptocurrencies, similar to the memecoins linked to Donald Trump.

This scandal serves as a warning about the risks of investing in hype-driven cryptocurrencies. As the investigation unfolds, one lesson is clear: always do your research before investing!

What’s your take on this controversy? Drop your thoughts below! ⬇️

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