Argentina’s President Milei Faces Fraud Charges Over LIBRA Crypto Sc*ndal

In Brief:

President Javier Milei is accused of fraud over his promotion of LIBRA, a cryptocurrency that soared past $4B in market cap before crashing 96%.

Legal complaints allege that Milei played a crucial role in a scheme benefiting Kelsier Ventures and its CEO, who allegedly cashed out $87M before the collapse.

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Argentine President Javier Milei is facing fraud charges after backing the LIBRA cryptocurrency, which surged to a $4 billion market cap within minutes before collapsing hours later. The charges, filed by legal and political opponents—including former Central Bank head Claudio Lozano—accuse Milei of participating in a fraudulent scheme.

Initially, Milei promoted LIBRA via a now-deleted X post, stating it aimed to boost the Argentine economy. However, blockchain analysts exposed red flags, revealing that 82% of LIBRA's supply was controlled by a single cluster of wallets. As investors panicked, the price plummeted, and the project's team allegedly withdrew $87M in USDC and SOL from liquidity pools.

Following the scandal, Milei deleted his post and denied involvement, claiming he was unaware of the project's details. However, critics argue that his endorsement played a pivotal role in the token’s explosive rise and eventual collapse. The Argentine court will now determine whether to move forward with prosecution.

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