#MileiMemeCoinControversy Argentina Presidential Office Issues Official Statement Following $LIBRA Crash

Argentina’s Javier Milei’s presidency is reportedly in jeopardy, following the LIBRA scandal – a cryptocurrency project launched on Solana that he backed that turned out to be a major disaster. Milei is on his way to Washington this week, hoping to meet with US President Donald Trump, Bloomberg reports.

Milei Charged with Fraud in LIBRA Promotion

Argentina’s President Javier Milei has reportedly been charged with fraud by Argentine lawyers in connection with the LIBRA memecoin promotion, the Associated Press reports. He is now facing impeachment threats in the country.

A Bloomberg article today notes that after Milei promoted the LIBRA memecoin, his presidency in Argentina has entered “crisis mode.”

LIBRA Chaos

Memecoin, which Milei initially promoted last week, has skyrocketed, but has lost more than $4.4 billion in market capitalization, sending the memecoin market into a tailspin.

Bloomberg reported that investors like Barstool Sports founder Dave Portnoy have taken huge losses, calling the project “the biggest failure of all time.”

The event is now reportedly the subject of an internal government investigation, and prominent members of the crypto industry are “pointing fingers at each other” as Milei tries to recover from the chaos.

Bloomberg called out Henry Elder at UTXO Management for saying the LIBRA story was a farce, suggesting that some industry members