#MileiMemeCoinControversy
The Melei meme coin controversy revolves around Argentina's President Javier Milei, who promoted a Solana-based meme coin called LIBRA. The coin's value surged to $4.5 billion after Milei's endorsement but plummeted by 95% over the weekend, wiping out billions in retail investor holdings ¹.
Milei faces fraud charges and impeachment calls for his role in promoting the coin. Lawyers in Argentina have filed a criminal lawsuit against him, accusing him of participating in a "rug pull" scam ¹. The president has denied any involvement, stating he was unaware of the project's details and deleted his promotional tweet after learning more.
The controversy has sparked concerns about the risks associated with speculative meme coins and the need for regulatory oversight. Insiders reportedly withdrew approximately $107 million from the project, raising allegations of liquidity manipulation and accumulated fees.
