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Argentine President Javier Milei Faces Fraud Complaint Over LIBRA Token Promotion
A group of lawyers in Argentina has filed a fraud complaint against President Javier Milei, alleging that he engaged in a “rug pull” scam by promoting the LIBRA token on social media, only to delete the post hours later.
On Friday, February 14, President Milei posted on X about the LIBRA token, stating that it would “incentivize the growth of the Argentine economy” by funding small businesses. The token’s value quickly surged by 3,223% following the announcement but later crashed by 90% after Milei deleted the post, claiming he was not aware of the project’s details.
Allegations of Impropriety
The opposition is condemning Milei, with former President Cristina Fernández de Kirchner accusing him of deception. Some lawmakers are pushing for a congressional investigation and even impeachment. The country’s Anti-Corruption Office is reviewing the case.
Lawyer Jonatan Baldiviezo argued that Milei’s involvement was essential to the alleged fraud, stating that his actions resembled a “rug pull” scam, where developers lure investors before abandoning a project.
Potential Insider Activity
Blockchain analysts have discovered that someone anticipated LIBRA’s launch but bought in too late, losing over $5.3 million in crypto. However, an unknown insider appears to have been compensated with $5 million worth of Circle’s USD Coin (USDC).
Rumors suggest that the wallet may belong to Dave Portnoy, who received LIBRA tokens for promotion and had funds ready to buy in advance.
On-Chain Activity Raises Concerns
Analysts at Bubblemaps have linked an on-chain wallet to the creator of LIBRA, who cashed out $87 million after the launch. The wallet also sniped LIBRA, quickly buying into the token at a low price before its value increased, and made $6 million using side addresses funded via cross-chain protocol.
Bubblemaps notes that similar on-chain activity was observed with the Official Melania Meme coin, which has lost over 84% of its value since its launch.
Other Tokens Tied to the Wallet
The team found other tokens tied to the wallet, such as TRUST, KACY, VIBES, and HOOD, which they believe were pump-and-dump schemes. Bubblemaps says the creator of LIBRA has made over $100 million from these projects.
“Despite prior commitments, Milei and his team unexpectedly changed their position, withdrawing their support and deleting all previous posts on social media.” – Hayden Davis
Stay up-to-date with the latest news on Global Crypto News for more information on this developing story and other **cryptocurrency** and **finance** news.
