Argentina’s $LIBRA Crypto Scandal Shakes the Nation
On February 14, 2025, a major cryptocurrency crisis unfolded in Argentina after President Javier Milei publicly endorsed $LIBRA, touting it as a financial breakthrough for the country. This endorsement triggered an explosive surge in the token’s value, briefly reaching a staggering $4.6 billion market cap. However, within hours, $LIBRA plummeted, wiping out investments from over 40,000 individuals. Analysts suspect a "rug pull" scheme, fueling allegations of fraud.
In response, Judge María Servini has initiated an official investigation into possible financial misconduct and conspiracy. Opposition parties have seized the moment, filing legal complaints and demanding Milei’s impeachment. Despite mounting pressure, Milei maintains that he acted in good faith and had no involvement in any fraudulent activities.
The economic fallout has been severe, with Argentina’s S&P Merval stock index dropping 5.6% as investor confidence crumbles. Beyond immediate financial losses, this scandal has intensified public skepticism toward both cryptocurrency markets and Milei’s administration. As Argentina approaches its midterm elections, the incident underscores the dangers of unregulated digital assets and may significantly influence the country’s political and financial landscape.