#MileiMemeCoinControvers
On February 14, 2025, Argentine President Javier Milei sparked controversy after promoting a cryptocurrency called $LIBRA via his X (formerly Twitter) account. Milei described the project as a private initiative aimed at boosting the Argentine economy by funding small businesses and startups. The promotion led to a rapid rise in the value of the coin, with its market capitalization reaching around $4.5 billion. However, the coin collapsed by nearly 94% within a few hours, raising suspicions of a possible “rug pull” scam.
Blockchain analysis indicated that eight wallets linked to the $LIBRA team withdrew $107 million in liquidity, leading to a sharp drop in the value of the coin. Milei subsequently deleted the promotional tweet and stated that he was unaware of the details of the project, and that he decided to stop supporting it after learning more about it.
The incident sparked criticism from the political opposition in Argentina, with some lawmakers calling for impeachment proceedings against the president over his alleged involvement in promoting a suspicious cryptocurrency. For its part, the company behind $LIBRA denied that Milei had any direct involvement in developing the currency.
The incident highlights the risks associated with cryptocurrencies, especially those promoted by public figures without adequate research into the credibility of the projects.