Tue Feb 18 15:35:25 UTC 2025: ## Argentinian President Milei Under Investigation for Cryptocurrency Fraud Allegations
**Buenos Aires, Argentina –** Argentinian President Javier Milei is facing a fraud investigation following the rapid collapse of a cryptocurrency he briefly promoted last week. A judge has been assigned to investigate allegations filed Sunday, alleging that Mr. Milei’s endorsement of the $LIBRA cryptocurrency, which saw a brief surge in value before plummeting, constituted fraud.
Mr. Milei’s office denies any involvement in the creation of $LIBRA, claiming he initially promoted it as a potentially beneficial entrepreneurial project for Argentina before withdrawing his support after learning more about it. The President maintains he acted in good faith and has accused political opponents of exploiting the situation.
The cryptocurrency, developed by KIP Protocol and Hayden Davis and accessible through a link on the website vivalalibertadproject.com (referencing Mr. Milei’s signature phrase), reached a market capitalization exceeding $4 billion before its dramatic decline. This downturn resulted in significant financial losses for investors.
While Mr. Milei initially tweeted about $LIBRA’s potential to boost economic growth, he deleted the post shortly after the cryptocurrency’s value began to fall. He later stated on X (formerly Twitter) that he was unaware of the cryptocurrency’s specifics. The President’s office added that an internal investigation is being conducted by the country’s Anti-Corruption Office.
Lawyers representing the plaintiffs contend Mr. Milei’s actions constituted an “illicit association” to commit fraud. The investigation, assigned to Judge María Servini, has no set deadline for completion. The incident highlights concerns over the potential for misuse of presidential influence in the volatile cryptocurrency market.
First Piper 