Argentina is Probing its President Over LIBRA Meme Coin Scandal | Airdrop Alert Pro

Argentina President Javier Milei is facing rigorous scrutiny, acknowledging the little-known cryptocurrency.

His public support briefly increased the value of the token before it declined, triggering alleged misconduct and potential legal violations.

February 14, President Miley promotes Libra’s meme coins on Xclaiming that it can boost Argentina’s economy and benefit small businesses.

His statement triggered a surge in the price of tokens, with the market capped by more than $4 billion for hours. The surge allowed insiders to cash in more than $100 million in profits.

However, the gathering was short-lived. Meme coins don’t have any Symbolism;The site itself was created a few hours before its release and cashed in over $87 million in the first three hours.

The value of the token collapsed shortly afterwards, indicating classic Pumping scheme.

“In the minutes after the launch, multiple large holders began liquidating millions of dollars in Libra. This included +4 million or more gains, with Libra rising to a market cap of $4.6 billion. In the afternoon ET After setting the top at 5:40, the coin fell in a straight line. ”

This led to growing criticism, leading to Miley deleting his post and trying to go backtrack. The president said he hasn’t fully understood the project yet.

Additionally, he later clarified that after learning more, he chose to stop promoting it.

“I didn’t know the details of the project and after learning it, I decided not to keep touching it (that’s why I deleted my tweets),” the president statement.

Argentina’s presidential office attempted to curb the consequences, downplaying the incident to regular business promotions related to blockchain financing.

But officials acknowledged Miley met with Hayden Mark Davis, a number related to the KIP protocol, behind Libra’s infrastructure.

Nevertheless, the government announced an investigation into the misconduct of any official, including Miley himself. The detector will also check whether the KIP protocol is engaged in illegal activities with Libra-related entities.

In addition, the President has ordered the establishment of a Department of Investigation Mission (UTI) during his presidency. This unit consists of finance Encryption and anti-money laundering Experts, will check out the release of Libra and the launches involved.

“All information collected during the investigation will be handed over to the court to determine whether any company or individual related to the KIP Agreement project has committed a crime.” additional.

Political consequences and impropriety threats

Controversy has escalated beyond the cryptocurrency space, triggering Political Crisis. Commentators believe that Miley’s reckless promotion of speculative assets has led to financial losses to investors and the public.

Argentine MP Gabriela Estevez accused him of doing Classic pumping plan. They describe it as a serious act of financial fraud that manipulates market prices in personal interests.

“What the president does is called pumps and dumps, which is serious financial fraud. “Crypto” creators bought a lot of it at their initial price. They then artificially inflate it by attracting more people about its potential Value. When prices rise, “crypto” creators sell their shares, causing prices to collapse and causing losses to other investors,” Estevez Comment.

The rebound also led to the threat of impropriation each. A political faction launched a lawsuit saying the scandal was unprecedented in Argentina’s history.

Diputados UP Write On X.

Buenos Aires Governor Axel Kicillof responded to these questions, marking the incident as massive financial fraud. he warn Investors in Argentina and beyond were misled, comparing the situation to the typical cryptocurrency pyramid scheme.

Overall, this is a major reflection of political recognition, as the Trump launch makes the meme coin market extremely vulnerable. Previously co-founder of Ethereum Vitalik Buterin also warns more political meme coins May damage the development of the market.

since Trump’s meme coin launchseveral scammers are introduced and drawn from fake tokens based on other political leaders. Libra is just another latest example of the current extreme risks in this space.