Argentine President Javier Milei is under fire after denying allegations of promoting a newly launched cryptocurrency, $Libra. The controversy began when Milei mentioned $Libra in a social media post, which initially caused the cryptocurrency's value to surge before it dramatically collapsed. This collapse led to significant financial losses for many investors, prompting accusations of a possible "rug pull" scheme. The incident has provoked widespread criticism and has sparked an investigation by the Anti-Corruption Office to determine whether Milei acted improperly.
In his defense, President Milei asserted that he merely shared information about $Libra and did not actively promote it. After deleting his post a few hours later, he stated that he was unaware of the project's details at the time. Despite his insistence that the post did not constitute an endorsement, Milei's message on the platform X (formerly known as Twitter) included a link directing users to a site selling $Libra. Critics, including his political rivals and disillusioned investors, have expressed disapproval of his actions.
The presidential office clarified that Milei was not involved in the development of $Libra, distancing him from the controversy. However, the Anti-Corruption Office's impending investigation suggests that the issue is far from resolved. In an interview with Todo Noticias, Milei appeared combative, declaring that he had "nothing to hide" and emphasizing that those who invested in $Libra did so voluntarily and were aware of the risks involved.
"It's like playing Russian roulette and getting the bullet." – Argentine President Javier Milei
The scandal poses a threat to divert attention from Milei's ambitious reform agenda in Argentina. The president remained silent on social media over the weekend following the incident, suggesting a strategic retreat amidst mounting scrutiny. His combative stance in media appearances underscores his determination to defend his actions amid growing pressure.