Tue Feb 18 03:07:44 UTC 2025: ## Argentinian President Milei Under Investigation Over Cryptocurrency Crash
**BUENOS AIRES** – Argentinian President Javier Milei is facing a federal investigation into his alleged involvement in the spectacular rise and fall of the cryptocurrency $LIBRA, which cost investors an estimated $4 billion. Federal Judge Maria Servini will lead the probe into whether Milei acted illegally in promoting the cryptocurrency, which briefly reached a $4 billion market capitalization before crashing.
The scandal erupted after Milei used his social media accounts to endorse $LIBRA, claiming it would boost economic growth. Following the cryptocurrency’s collapse, he deleted his promotional posts, sparking accusations of a “rug pull” scam, where early investors artificially inflate the value before withdrawing, leaving others with worthless assets.
While Milei’s office denies his involvement, claiming he routinely promotes various business ventures, critics point to the cryptocurrency’s website, vivalalibertadproject.com – using Milei’s campaign slogan – and his sudden withdrawal of support as evidence of complicity. Lawyers representing affected investors have filed lawsuits, accusing Milei of fraud and demanding he be held personally responsible for the losses suffered by an estimated 40,000 people.
One cryptocurrency developer, Hayden Davis, also implicated Milei, stating the president and his team unexpectedly withdrew their support, leading to the crash. An anonymous government official, however, claimed Milei himself was the victim of the scheme.
Although impeachment proceedings are considered unlikely, the scandal could severely damage Milei’s economic credibility ahead of the 2025 midterm elections. Milei himself has dismissed the accusations, attributing the uproar to his political opponents. The investigation is expected to determine the extent of Milei’s involvement and whether he will face any legal consequences.
First Piper 