President Javier Milei’s promotion of the $Libra cryptocurrency led to a $250 million loss for investors after the coin collapsed shortly after its launch. The incident has drawn allegations of fraud against the president, prompting criminal complaints and a federal investigation. Milei’s controversial actions parallel those of former President Trump regarding cryptocurrency and have led to demands for his impeachment.

A new cryptocurrency known as $Libra initiated a significant scandal in Argentina, resulting in a staggering loss of $250 million for investors. President Javier Milei promoted this digital coin through a tweet shortly after its creation, leading to an explosive surge in investments. However, the value of $Libra plummeted rapidly as major stakeholders sold off their holdings, leaving many investors in financial ruin. This incident has been characterized by experts as a classic “rug-pull,” where early insiders profit at the cost of latecomers, provoking national outrage and calls for impeachment against the president.

Following the incident, thousands of citizens filed multiple criminal complaints, triggering a federal prosecutor’s investigation into Mr. Milei’s involvement. The president’s actions have raised severe concerns about possible complicity in the fraudulent scheme. Subsequently, he attended the Conservative Political Action Conference in Washington, where he delivered a contentious speech, paralleling his actions with those of former President Trump, who faced similar cryptocurrency criticism this year.

In conclusion, the $Libra cryptocurrency scandal has sparked immense controversy in Argentina, highlighting the potential dangers of unregulated digital currencies. President Javier Milei’s promotion of the cryptocurrency, followed by significant losses for investors, has resulted in public outcry and legal scrutiny. The situation underscores the need for accountability and regulation in the cryptocurrency sector to protect investors from future scams.

Original Source: www.nytimes.com

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