Argentine President Javier Milei faced backlash after endorsing the cryptocurrency $LIBRA on social media, causing its value to surge to a $4.5 billion market cap. However, when he deleted his post hours later, citing a lack of knowledge about the project, the token’s value crashed to under $200 million, leaving investors with massive losses.
The sudden collapse led to accusations of fraud, with critics claiming Milei’s endorsement enabled a rug pull. Argentine lawyers filed criminal charges, while opposition politicians called for his impeachment. In response, Milei’s office denied wrongdoing, but the Anti-Corruption Office launched an investigation into his involvement.
The incident has reignited debates about the risks of political figures endorsing speculative cryptocurrencies. Many in the crypto community criticized Milei, arguing that such promotions mislead investors. The controversy highlights the need for stronger regulatory oversight in the crypto market.
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