#MileiMemeCoinControversy

In February 2025, Argentine President Javier Milei promoted the cryptocurrency $LIBRA, leading to significant financial losses for investors. Shortly after its launch, $LIBRA's value surged from $0.000001 to $5.20 within minutes, then plummeted by over 90% within hours. This rapid decline resulted in approximately 74,000 investors collectively losing around $286 million. Insiders reportedly profited by $87 million during this event, which has been labeled a "rug pull" scam. The controversy, dubbed "Cryptogate," has led to fraud allegations against President Milei and calls for his impeachment. Milei has denied wrongdoing, stating he merely shared information about the cryptocurrency without fully understanding the project's details.