#MileiMemeCoinControversy In mid-February 2025, Argentine President Javier Milei became embroiled in a significant controversy following his promotion of a cryptocurrency known as $LIBRA. On February 14, Milei endorsed $LIBRA through his official social media accounts, leading to a rapid surge in the token’s value. However, shortly thereafter, the cryptocurrency’s price plummeted dramatically, resulting in substantial financial losses for numerous investors. This incident has been widely referred to as “Cryptogate” in the media. 

The swift collapse of $LIBRA’s value has led to allegations of fraud and calls for President Milei’s impeachment. Reports indicate that insiders may have profited approximately $87 million during the token’s brief surge, intensifying suspicions of a “rug pull” scheme.  In response to the outcry, federal judge María Servini has initiated an investigation into the matter, and over 110 complaints have been filed against Milei. 

President Milei has denied any wrongdoing, asserting that he merely shared information about $LIBRA and did not officially promote it. He emphasized that investors were aware of the speculative risks involved, comparing the situation to gambling in a casino.  Despite these claims, the incident has had broader economic repercussions, including a 5.6% decline in the Buenos Aires stock index. 

The controversy has also drawn attention to the involvement of individuals such as Hayden Mark Davis, CEO of Kelsier Ventures, who played a significant role in the creation of $LIBRA. Davis has expressed feeling abandoned by Milei’s sudden withdrawal of support for the project.  Additionally, the incident has sparked discussions about the need for better financial education among investors to prevent similar occurrences in the future.