# MileiMemeCoinControversy #MileiMemeCoinControversy On February 14, Milei utilized his social media platform to endorse this new digital asset, describing it as a private initiative aimed at stimulating Argentina's economy by funding small businesses and entrepreneurial ventures. This endorsement led to a rapid influx of investments, causing the cryptocurrency's value to surge dramatically within minutes. However, shortly thereafter, $LIBRA's value plummeted, resulting in substantial financial losses for over 40,000 investors.

Investigations into $LIBRA revealed that the cryptocurrency had been created mere minutes before President Milei's public endorsement. Alarmingly, approximately 80% of the total tokens were concentrated in just five wallets. This high concentration allowed a select few holders to exert significant influence over the token's price, enabling them to secure considerable profits before withdrawing their funds, which precipitated the token's collapse.

In response to the ensuing backlash, President Milei deleted his initial promotional post and claimed a lack of detailed knowledge about the project at the time of his endorsement. He further suggested that investors bore responsibility for their losses, given the inherently high-risk nature of cryptocurrency investments.

The fallout from this incident has been extensive. Opposition parties have filed legal complaints, accusing President Milei of participating in a fraudulent scheme and have initiated impeachment proceedings. The Argentine stock market also felt the impact, with the S&P Merval index experiencing a significant decline in the days following the scandal.

This controversy has not only raised questions about President Milei's judgment and the ethical implications of his actions but has also sparked a broader debate about the role of public figures in promoting high-risk financial products. The incident underscores the potential dangers of influential individuals endorsing volatile and unregulated financial instruments without thorough due diligence.concentration allowed a select.