Michaela
Argentine President Javier Milei is facing criminal fraud charges and mounting impeachment calls after endorsing the $LIBRA token. The token briefly surged to a $4.5 billion valuation before crashing, development experts describe as a massive insider scam.
On February 14, Milei took to X to share the Solana-native Libra (LIBRA) token. In his now-deleted post, the president shared a website and contract address, promoting it as a “private project” dedicated to “encouraging the growth of the Argentine economy.”
Saturday saw opposition legal experts weighing the option of initiating impeachment proceedings against the President. Prominent critics, including lawmaker Leandro Santoro, denounced the incident as a scandal and called for accountability, according to Reuters.
That same day, Milei’s office clarified that the president was not involved in developing the project. However, they confirmed that he and his administration had met with representatives from KIP Protoco l— the developer of the initiative — at the presidential office.
Milei further warned that his political adversaries are expected to capitalize on the unfolding situation. “To the filthy rats of the political caste who want to take advantage of this situation to do harm, I want to say that every day they confirm how vile politicians are, and they increase our conviction to kick them in the ass,” he wrote.
On Sunday, criminal charges were filed against Javier Milei in court. Lawyers Jonatan Baldiviezo, Marcos Zelaya, engineer María Eva Koutsovitis, and former Central Bank president Claudio Lozano, among the plaintiffs, described the incident as a ‘rug pull’ and argued that it violated Argentina’s Public Ethics Law.
“Within this illicit association, the crime of fraud was committed, in which the president’s actions were essential,” Baldiviezo stated.
Despite Milei’s retraction of his endorsement, eight insider wallets tied to the Libra team proceeded to withdraw liquidity exceeding $107 million.
LIBRA Team Ties to MELANIA Meme Coin?
Chaofan Shou, co-founder of Fuzzland, a blockchain-powered digital ecosystem, claimed in a February 16 post on X that LIBRA’s market maker — operating out of Delhi — is also connected to the MELANIA meme coin.
Shou shared wallet data that points to a single entity potentially overseeing both projects, sparking allegations of coordinated insider manipulation. He also tied the LIBRA team to tokens like Enron and OGME, which have exhibited similar patterns of price manipulation.
The MELANIA token, named after Melania Trump, the wife of President Donald Trump, was launched just before his inauguration. It quickly reached a market cap of $2 billion before plummeting to under $200 million. LIBRA followed a similar volatile pattern, experiencing a rapid investment surge after receiving backing from President Milei.
Read More
- Argentina Crypto Outlook Brightens at Buenos Aires Tech Forum
- Argentina Takes the Lead: Surpassing Brazil in Cryptocurrency Value with $91.1 Billion Received
- 30 Million Pesos Seized in Argentina Crypto Smuggling Crackdown
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
