$CAKE After the launch of LIBRA, the President of Argentina Javier Milei promoted it in his X-account, stating that the project is intended to stimulate private sector financing in the country.

The lawsuit states that within a few hours after the launch, insiders withdrew about $107 million from liquidity pools, leading to a 94% drop in LIBRA's market value. Davis, who now faces a potential Interpol red notice at the request of the Argentine prosecutor's office, stated on February 17 that he does not own the tokens directly and will not sell them.

Milei distanced himself from the token, stating that he did not promote the asset, as alleged in the fraud lawsuits against him, but only "disseminated information." The opposition has called for Milei's impeachment, but has not yet succeeded.