$Libra cryptocurrency scandal

[1] Three minutes after the token's creation, on Friday, February 14, 2025, at 7:01 p.m. Argentina time, Milei shared posts promoting the coin on his X, Instagram, and Facebook accounts.

Milei stated that the project operated under the token identifier $LIBRA and was structured to facilitate private investment in Argentine enterprises.

[19][20] The tweet by President Javier Milei that launched the $LIBRA project was shared by the President of the Lower House, Martín Menem, by national deputies José Luis Espert and Damián Arabia, and also among supporters of La Libertad Avanza such as Gordo Dan, Agustín Laje, and Emmanuel Danann.

[1] Hayden Mark Davis, the owner of Kelsier, published a statement declaring that he had been an advisor to the Argentine government and that the advertising campaign had been previously agreed upon with the president's team and accused Milei of "betrayal" for abruptly withdrawing his support.

"[5] The project granted significant profits for the initial owners, who took the opportunity to get rid of the tokens when their price was high, and massive losses for many who invested after being motivated by the Argentine president.

The nine founding accounts of the cryptocurrency earned about $87 million from 50,000 people who invested in it and saw its value disappear, with many media outlets describing the situation as characteristic of a scam commonly known as a "rug pull".

[1] Several economic experts pointed out that those affected had advanced knowledge of digital currencies since, to access said cryptocurrency, it was necessary to have a wallet in Solana, a blockchain known for its low security and reduced operating costs.

[30] Mariano Biocca, a specialist in the crypto ecosystem, explained that $LIBRA belongs to a group of assets whose access is considerably complex and requires advanced technical knowledge.

[1] The main opposition block, Union for the Homeland (UxP), has heavily criticized the president's actions and has proposed articles of impeachment in response.

[34] The Workers' Left Front (FIT) requested the immediate appearance of Milei in the Chamber of Deputies to provide verbal reports on the promotion of the cryptocurrency.

"[37] In 2021, then-national deputy Javier Milei recommended a crypto platform called CoinX that promised, through automated trading algorithms, to provide high returns of up to 8% per month.

[38] In response to 23 Argentine Federal Police raids on offices and homes in Buenos Aires and the Santa Fe Province investigating the alleged fraud, Milei responded: "I only gave my opinion".

[5] Most accusations were lodged by politicians aligned with Kirchnerism, and a group led by Claudio Lozano [es], the leader of the opposition Popular Unity party, filed charges of fraud against Milei.

These firms sought to group affected parties from various jurisdictions to present cases in international courts, arguing that Milei's cryptocurrency promotion constituted a deceptive practice that led to detrimental investments.