The justice system of the United States freezes 280 million dollars of the profits from $Libra, the cryptocurrency promoted by Milei
The accusation of alleged fraud leaves out the Argentine president to avoid conflicts that delay investigations
Karina and Javier Milei in Buenos Aires, Argentina, on May 25, 2025. Gustavo Garello (AP)
A court in the United States froze 280 million dollars of the profits generated from the sale of $Libra, the cryptocurrency promoted by Argentine president Javier Milei, and suspected of being a scam. The lawsuit, which is being processed in the Southern District Court of New York, accuses American businessman Hyden Mark Davis, his father, his brother, and others involved of promoting a cryptocurrency endorsed by Milei to attract investors who quickly lost all their money. Milei and the other Argentines involved in the $Libra scheme were left out of the accusation in the United States to avoid potential delays from the far-right government or jurisdictional issues.
On February 14, the price of $Libra skyrocketed from zero after a promotional post by Milei and plummeted dramatically hours later. The result was about 75,000 affected individuals who lost everything, according to the lawsuit in New York, and a few who made millions thanks to their purchases seconds before the presidential message. The law firm requested the freezing of the money that they estimate resulted from the alleged scam as profits. "It is a crucial victory for the victims of the $Libra cryptocurrency fraud," the lawyers stated after the ruling, drafted by Judge Jennifer Louise Rochon.
The class action lawsuit that was initiated in the United States against $Libra moved last week from state court to federal court.
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