Argentina's Milei Faces Renewed Investigation Over $LIBRA Crypto Scandal
Argentina's lawmakers have revived an investigation into President Javier Milei's promotion of a cryptocurrency called $LIBRA that collapsed shortly after launch in February 2025. New court documents reveal years of payments from a crypto lobbyist to Milei, contradicting his claims of having no connection to the coin's launch.
President Javier Milei of Argentina promoted a cryptocurrency called $LIBRA on social media in February 2025. The coin's value skyrocketed quickly after his endorsement, then crashed just as fast, costing investors millions of dollars.
New forensic evidence shows Milei received payments from a crypto lobbyist for years before promoting the coin. This contradicts Milei's previous statements that he had no connection to $LIBRA's launch. The revelations emerged in court documents that lawmakers are now examining.
Argentine parliament has restarted a special commission to investigate the scandal. The probe originally began when $LIBRA collapsed, but gained new momentum this week after the payment records surfaced. The cryptocurrency was a memecoin, a type of digital currency often created as jokes but can still be traded for real money.
Milei promoted $LIBRA to his followers on X (formerly Twitter), causing its price to surge. When it crashed, many investors lost significant amounts of money. The incident highlights the risks of celebrity crypto endorsements and questions about financial disclosure.
The scandal shows how celebrity endorsements can manipulate crypto markets and hurt regular investors. When public figures promote risky investments without disclosing their financial ties, ordinary people can lose their savings while insiders profit.
Parliament will examine the new evidence and may expand the investigation into Milei's crypto connections.
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