๐จ $280M Crypto Scandal: Argentinaโs President Under Fire Over Meme Coin Meltdown ๐ฆ๐ท
In February 2025, Argentine President Javier Milei publicly endorsed LIBRA, a new meme coin, calling it โa tool for economic freedom.โ
๐ The coin soared as retail investors rushed in.
๐ฅ Days later, it crashed 90%, wiping out $280M+ in value.
๐ Trust in local exchanges collapsed.
Now, Milei is facing:
100+ criminal complaints in Argentina โ๏ธ
A federal investigation into market manipulation ๐
A U.S. class-action lawsuit accusing him of misleading promotion ๐ผ
Calls for impeachment by opposition leaders ๐งจ
โI believed in the project. I never profited from it.โ - Milei.
But critics say this was a "state-backed pump and dump."
As chaos unfolds, Bitcoin adoption is rising, while altcoins and meme tokens face major skepticism in Latin America.
Is this a turning point for responsible crypto leadership?
๐ง Lessons:
Public figures shilling unregulated coins = dangerous.
Decentralization โ immunity from accountability.
Trust is everything in crypto.