#MileiMemeCoinControversy
Argentine President Javier Milei is facing scrutiny after endorsing a little-known cryptocurrency, LIBRA.
On February 14, 2025, President Milei promoted the meme coin LIBRA on X, claiming that it could boost the Argentine economy and benefit small businesses.
His statement sparked a price surge for the token, with its market cap reaching over $4 billion in just a few hours. The surge allowed insiders to reap over $100 million in profits.
However, the rally was short-lived. The meme coin had no tokenomics; its website was created just hours before its launch, and over $87 million was withdrawn in the first three hours.
The token's value collapsed shortly thereafter, demonstrating a classic pump-and-dump scheme.
“Within minutes of launch, many large holders began liquidating millions of dollars worth of LIBRA. This included profits of over $4 million as LIBRA grew to a $4.6 billion market cap.