Milei of Argentina Declines to Apologize Over Alleged Crypto Scam
Javier Milei stands firm in the face of fraud allegations regarding his promotion of a cryptocurrency prior to its downfall. Read Full Article at RT.com.
TroibNews 
Argentine President Javier Milei has denied allegations of fraud and impeachment calls stemming from his promotion of a cryptocurrency that saw a dramatic rise in value before plummeting shortly after its launch, resulting in significant losses for investors, according to CNN.
Recently, Milei endorsed the new $LIBRA digital token on his social media, claiming it would enhance economic growth by aiding small businesses and entrepreneurs. His endorsement caused the token's price to surge from approximately $0.22 to $5. However, the value collapsed just after he removed the post, erasing millions in investments.
On Tuesday, Milei defended his actions by comparing investors who purchased the token post-endorsement to gamblers. “The reality is, if you go to the casino and lose money, I mean, what is the complaint?” he remarked.
A group of lawyers has lodged several complaints against Milei, with some calling for his impeachment. One lawyer representing a plaintiff claims that an illicit organization was created to carry out “an indeterminate number of frauds.”
“I did not promote it. What I did was I spread it,” Milei stated, asserting that he did not profit from the digital currency.
The opposition Popular Unity party has filed an official complaint, accusing Milei of enabling a fraudulent scheme termed a ‘rug pull,’ where heavy promotion of a cryptocurrency lures investors only for its backers to abandon it, leaving investors with valueless coins.
Crypto analytics firm LookOnChain reported that eight digital wallets involved in the initial trading of $LIBRA withdrew a combined total of $107 million. Data from ICOBench indicated that around 60 individual traders lost over $500,000 each, with 24 traders facing losses of at least $1 million.
As of Wednesday, the value of $LIBRA was around $0.30, according to CoinMarketCap.com.
Kelsier, the company behind $LIBRA, has denied any misconduct, asserting that the project is legitimate.
Hayden Mark Davis, a representative linked to the coin, accused Milei of suddenly withdrawing his support at a critical time, which resulted in the market crash. “When Milei and his team deleted their posts, investors who had purchased the token based on their trust in his endorsement felt betrayed,” he noted, leading to a “wave of panic selling,” as quoted by NBC.
In response, Milei’s office issued a statement, cited by the AP, asserting that he was not involved in any phase of the cryptocurrency's development and that he opted to remove his social media post to prevent further exposure. The statement also mentioned that the Anti-Corruption Office had been tasked with launching an investigation.
Emily Johnson for TROIB News
Recently, Milei endorsed the new $LIBRA digital token on his social media, claiming it would enhance economic growth by aiding small businesses and entrepreneurs. His endorsement caused the token's price to surge from approximately $0.22 to $5. However, the value collapsed just after he removed the post, erasing millions in investments.
On Tuesday, Milei defended his actions by comparing investors who purchased the token post-endorsement to gamblers. “The reality is, if you go to the casino and lose money, I mean, what is the complaint?” he remarked.
A group of lawyers has lodged several complaints against Milei, with some calling for his impeachment. One lawyer representing a plaintiff claims that an illicit organization was created to carry out “an indeterminate number of frauds.”
“I did not promote it. What I did was I spread it,” Milei stated, asserting that he did not profit from the digital currency.
The opposition Popular Unity party has filed an official complaint, accusing Milei of enabling a fraudulent scheme termed a ‘rug pull,’ where heavy promotion of a cryptocurrency lures investors only for its backers to abandon it, leaving investors with valueless coins.
Crypto analytics firm LookOnChain reported that eight digital wallets involved in the initial trading of $LIBRA withdrew a combined total of $107 million. Data from ICOBench indicated that around 60 individual traders lost over $500,000 each, with 24 traders facing losses of at least $1 million.
As of Wednesday, the value of $LIBRA was around $0.30, according to CoinMarketCap.com.
Kelsier, the company behind $LIBRA, has denied any misconduct, asserting that the project is legitimate.
Hayden Mark Davis, a representative linked to the coin, accused Milei of suddenly withdrawing his support at a critical time, which resulted in the market crash. “When Milei and his team deleted their posts, investors who had purchased the token based on their trust in his endorsement felt betrayed,” he noted, leading to a “wave of panic selling,” as quoted by NBC.
In response, Milei’s office issued a statement, cited by the AP, asserting that he was not involved in any phase of the cryptocurrency's development and that he opted to remove his social media post to prevent further exposure. The statement also mentioned that the Anti-Corruption Office had been tasked with launching an investigation.
Emily Johnson for TROIB News
