Mon Feb 17 20:02:30 UTC 2025: ## Argentine President Under Investigation for Crypto Endorsement Scandal

**BUENOS AIRES** – Argentine President Javier Milei is facing a formal investigation following accusations of involvement in a cryptocurrency “pump-and-dump” scheme. The controversy centers around Milei’s endorsement of the little-known cryptocurrency LIBRA, which saw its value skyrocket before crashing dramatically, leaving investors with significant losses.

On February 14th, President Milei promoted LIBRA on social media, suggesting it could revitalize Argentina’s economy. This endorsement triggered a massive surge in the token’s market capitalization, briefly reaching over $4 billion. However, within hours, over $87 million was withdrawn, and insiders reportedly profited by over $100 million before the price plummeted.

Financial analysts, including the Kobeissi Letter, pointed to the rapid price increase and subsequent crash as clear signs of market manipulation. Reports indicate the LIBRA project lacked a coherent financial model and its website was launched only hours before Milei’s endorsement.

Facing intense criticism, President Milei deleted his promotional post and claimed a lack of understanding of the project. However, this has done little to quell the outrage. Lawmakers are calling for his impeachment, accusing him of recklessness, if not outright fraud.

The Argentine government has formed a special investigation task force to determine whether President Milei or others acted illegally. The task force comprises financial experts, cryptocurrency specialists, and anti-money laundering authorities. Findings will be submitted to the courts for further legal proceedings.

Buenos Aires Governor Axel Kicillof described the incident as a large-scale financial fraud, comparing it to a pyramid scheme and warning of the dangers of speculative assets. The scandal has ignited a political firestorm, with accusations of fraud and calls for impeachment echoing across the political spectrum. The investigation’s outcome will significantly impact President Milei’s presidency and the confidence of both domestic and international investors in the Argentine economy.

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