Mon Feb 17 22:33:03 UTC 2025: **Argentine President Faces Fraud Complaints Over Cryptocurrency Promotion**
MONTEVIDEO, Uruguay (AP) — Argentine President Javier Milei is facing criminal fraud complaints after promoting a cryptocurrency, $LIBRA, on social media that subsequently collapsed, causing significant financial losses to investors. Lawyers Jonatan Baldiviezo and Marcos Zelaya, along with engineer María Eva Koutsovitis and economist Claudio Lozano, filed the complaints on Sunday.
Milei posted about the coin, developed by KIP Protocol, on X (formerly Twitter) on Friday, claiming it aimed to boost economic growth. He deleted the post hours later, after the coin’s value plummeted. The lawyers allege this constitutes a “rug pull,” a common cryptocurrency scam where developers abandon a project after attracting investment.
The President’s Office claims Milei was unaware of the coin’s development and removed the post to avoid speculation. They maintain he frequently promotes projects aimed at creating jobs and attracting investment in Argentina. However, the plaintiffs argue Milei’s actions constitute an illicit association to commit fraud, violating the Public Ethics Law.
KIP Protocol representative Hayden Mark Davis has accused Milei of withdrawing support for the project, leading to its collapse. The Argentine government’s Anti-Corruption Office is investigating, and the judiciary is expected to assign the case to a judge or prosecutor on Monday. The investigation will determine if any crimes were committed by Milei or individuals linked to KIP Protocol.
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