Mon Feb 17 20:27:29 UTC 2025: ## Argentine President Milei Faces Fraud Complaints Over Cryptocurrency Promotion
**BUENOS AIRES** – Argentine President Javier Milei is facing fraud complaints filed in criminal court following the collapse of a cryptocurrency he promoted on social media. Lawyers Jonatan Baldiviezo and Marcos Zelaya, along with engineer María Eva Koutsovitis and economist Claudio Lozano, allege Milei’s actions constituted an illicit association to commit fraud, citing the “rug pull” nature of the $LIBRA coin’s launch and subsequent devaluation.
The incident began Friday when Milei promoted $LIBRA, a cryptocurrency developed by KIP Protocol, on X (formerly Twitter). He later deleted the post after the coin’s value plummeted, resulting in significant losses for investors. The President’s office claims Milei was unaware of the coin’s development and removed the post to avoid speculation. However, the plaintiffs argue Milei’s actions violated the Public Ethics Law.
Hayden Mark Davis, a representative of KIP Protocol who met with Milei, accused the president of reneging on commitments and withdrawing support, directly blaming him for the cryptocurrency’s failure.
The President’s office stated that Milei was not involved in the cryptocurrency’s development and that the Anti-Corruption Office would investigate. They also assert that the meeting with KIP Protocol representatives was part of efforts to attract investment in Argentina. A judge is expected to assign the case to a prosecutor for further investigation. The plaintiffs contend that Milei’s actions were instrumental in the alleged fraud, and the criminal justice system will now determine the validity of these accusations.
First Piper 