Wed Feb 19 02:27:17 UTC 2025: ## Argentine President Defends Himself After Cryptocurrency Endorsement Leads to Investor Losses

**BUENOS AIRES** – Argentine President Javier Milei is facing mounting criticism after a cryptocurrency he promoted, $LIBRA, plummeted in value shortly after his endorsement. Thousands of investors suffered losses following the coin’s dramatic price spike and subsequent crash.

Milei, during an interview on Monday, compared investors who lost money to gamblers, arguing that they should have understood the inherent risks involved. He maintained that his tweet promoting the coin aimed to support small businesses by providing them with funding. He later deleted the tweet, citing doubts about the project.

However, the president’s actions have sparked outrage, with calls for his impeachment and multiple criminal complaints filed against him. At least one complaint, filed with the US Department of Justice by the Popular Unity political party and others, alleges a “Rugpull” scam – where developers quickly withdraw funds after attracting investors. The complaint accuses Milei and others of illicit association to commit fraud. A judge has reportedly been appointed to investigate.

The firm behind the $LIBRA launch, Kelsier, has denied accusations of scamming investors. Milei, while acknowledging deleting his tweet, insists he acted in good faith and did not personally profit from the coin’s promotion. He distinguishes between “promoting” and “spreading the word” about the cryptocurrency.

The incident adds another layer of complexity to Milei’s presidency, which has already been marked by significant economic challenges. The fallout from the $LIBRA collapse continues to unfold, with investigations underway and the long-term consequences for the president and investors remaining uncertain.

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