- President Milei faces criminal charges for promoting a crypto token that crashed after his social media post.
- A lawyer files a separate complaint accusing Milei of fraud and financial crimes linked to the Libra token.
- Analysts raise concerns after discovering the Libra token website was created just hours before its launch.
Argentine lawyers have filed criminal charges against President Javier Milei. They are accusing him of involvement in a cryptocurrency scheme. The controversy surrounds the Libra (LIBRA) token, which briefly soared to a $4.56 billion market capitalization on February 14. The surge followed Milei’s promotion of the token on social media. However, the token’s value plummeted by over 94% after he deleted his post.
Lawyers Marcos Zelaya, Jonatan Baldiviezo, María Eva Koutsovitis, and economist Claudio Lozano accuse Milei of participating in fraud. They also claim he violated Argentina’s Public Ethics Law, which requires officials to disclose assets and potential conflicts of interest. A judge will be assigned to handle the case or refer it to a prosecutor for investigation.
Separate Legal Action and Investor Concerns
In a separate case, lawyer Agustín Rombolá has filed a complaint against Milei, accusing him of fraud, price manipulation, and financial crimes. Rombolá, a member of the Unión Cívica Radical party, also announced his firm is preparing a class-action lawsuit for investors who lost money due to the token’s collapse.
The presidential office has denied any wrongdoing. In response to the backlash, Milei requested the Anti-Corruption Office to investigate all government officials, including himself. His office stated that Milei had no connection with the company behind the token and was unaware of the project’s details.
Questions Over Project Legitimacy Emerge
Concerns have surfaced regarding the legitimacy of the Libertad project. Analysts found that the token’s website domain was created just hours before its launch. Additionally, there is no public record of the site’s ownership.
The presidential office confirmed that Milei met with KIP Protocol representatives on October 19. KIP Protocol, a Web3 company, said it was hired only to assist in distributing project funds to local businesses. The company denied creating the token or managing its market activities.
Opposition lawmaker Leandro Santoro has called for Milei’s impeachment over the controversy. As the investigation progresses, authorities will review the complaints and decide on further legal action.
