Crypto Promoted by Argentina's President Crashes

Javier Milei, president of Argentina is under scrutiny after promoting the crypto $LIBRA, which experienced a surge in value before crashing. Milei has since admitted his mistake and announced an "urgent investigation" into the matter.

The president had praised the crypto on X, stating it would stimulate Argentina's economy by funding small businesses and attracting investment. The post was later deleted. He claimed that he was not fully informed about details of the project and has no connection with the company.

The incident has led to criticism from economists, crypto specialists, and political figures, with some calling the digital asset a potential fraud or Ponzi scheme.

Industry observers described the event as a "rug pull," where developers attract investors and then quickly cash out.

Computer scientist Javier Smaldone called it a "global scam," estimating profits of around $107 million.

The Argentine presidency has announced that the Anti-Corruption Office will investigate the situation to determine if any improper conduct occurred by members of the government, including Milei himself.

The scandal has sparked calls for impeachment from opposition parties, who accuse Milei of promoting a "rug pull" scheme that resulted in massive financial losses for investors. They describe the situation as an unprecedented scandal that has tarnished international reputation of the country.

Former president Cristina Kirchner has labeled Milei a "crypto-scammer".

The backlash from both the public and political figures may lead to increased scrutiny of Milei's actions, potentially resulting in further legal repercussions depending on the findings of the investigations.

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