The president of Argentina, Javier Milei, burned from his account in X to the world of cryptocurrencies. To then set the message. What seemed like a self -elbratory text, common in Milei, was actually the promotion of a new cryptocurrency called $ Libra. “This private project will be dedicated to encourage the growth of the Argentine economy, anchoring small companies and Argentine enterprises,” Milei wrote next to the project’s internet page link, the project, the tag of the promoted currency and the token contract for those who wanted to put their savings through the wallet of the solana crypto. The result: $ Libra won millions of dollars in a few minutes, the same as it took to collapse, leaving a loss tendal.
$ Pound is what is known as a Memecoina newly created cryptocurrency without any underlying asset. They are cryptoactive that aim to capitalize on popular enthusiasm around a person, a movement or a viral internet phenomenon. The most popular experience was that of Donald Trump, who a month ago kneaded overnight a fortune about the role of 40,000 million dollars (38,100 million euros) with
The Argentine case was not so successful. The $ Libra price grew from 0.3 cents to 4.7 dollars minutes after Milei’s message. Five hours later, he had dropped to $ 0.19, after a series of almost instant shopping and sales that generated noise on social networks. He also caught the attention that Kip Network, the company behind the live project La Libertad, registered the promotion of $ Libra, just a few hours before the presidential message. There the token as inspired by Milei’s liberal ideas. In Google form, those interested in presenting ideas to access financing are invited that supposedly had to generate $ LIBRA. Known to the end of the story, the $ Libra movement could be considered a Rug Pull, A scam that consists of inflating an artificial asset to attract investors and flee when just in time to keep the profits of the players who entered later. In this case, the winners were those who had $ Libra in their possession before the post of Milei in networks.
When the fate of $ Libra seemed defined, the army of trolls that defends Milei in the networks in panic. First, he denounced the hacking of the president in X of the president; Then he struck the idea that Milei is surrounded by unscrupulous characters who take advantage of his popularity to do business. The most fans even suggested a Milei master play to make money from foreign investors and “save Argentina.”
The opposition, meanwhile, already accused him of scammer. “Just to make it clear. On Monday we will enter the request for political trial towards the President. What has happened is very serious, ”the socialist deputy Esteban Paulón wrote in networks. The deputies of Union for the country, who respond to former president Cristina Kirchner, later joined. From the Centenaria Block Radial Civic Union (UCR), they demanded a investigative commission for “possible crime commission.” “Javier Milei was chosen to defend all Argentines, not to favor the unscrupulous interests of a group of relatives and of doubtful background,” said Deputy Pablo Juliano.
Kirchner also joined criticism with. His hypothesis was that Milei served as a bait to attract unsuspecting investors. “From your official X account you promoted a private cryptocurrency, created to know who. You inflasted its value taking advantage of your presidential investiture. Thousands trusted you, they bought expensive and in a matter of hours they lost millions, while a few (I play my head that all libertarians) made fortunes with privileged information. Milei … yourself operated as the hook of a digital scam! ”Kirchner wrote.
This time Che Milei does not go because, really, never in history was something similar.
From Hayek you went to Ponzi and went to the Pasto badly.
From your official X account you promoted a private cryptocurrency, created to know who.
You inflasted its value taking advantage of …
– Cristina Kirchner (@cfkargentina)
Attempt to clarify
When the situation was already unsustainable, Milei erased his message and rehearsed a clarification. “A few hours ago I published a tweetlike so many other infinite times, supporting an alleged private venture from which I obviously have no link. I was not internalized from the details of the project and after having internalized I decided not to continue disseminating (that’s why I have deleted the tweet) ”, He wrote in the early hours of Monday. And attacked those who criticized and accused him of scammer. “To the unclean rats of the political caste that they want to take advantage of this situation to harm, I want to tell you that every day they confirm how chattering the politicians are, and increase our conviction of kicking them in your ass.”
A few hours ago I published a tweet, like so many other infinite times, supporting an alleged private venture that obviously I have no link.
I was not internalized from the details of the project and after having internalized I decided not to continue giving him …
– Javier Milei (@jmilei)
The company behind $ Libra, Kip Network, also did its share. “Today was the launch of the living project La Libertad. President Milei was not and is involved in the development of this project, as he has mentioned. This is a totally private company, ”they wrote last October, Milei met with KIP Network managers for, said the company,” explain how KIP decentralized artificial intelligence technology is aligned with the vision of Argentina to become a global technological center. ”
From the Casa Rosada they formed on Saturday with the clarification of Milei, while their political swords joined in accusing the opposition of taking advantage of the situation to advance a coup d’etat. Sebastián Pareja, the strong man of freedom advances in the province of Buenos Aires, rehearsed a defense at least original. “Mr. President, thanks for clarifying publicly. The logic of the caste would have been to remain silent and send the Cipayos to dismantle any subject, ”he wrote in networks.
It is not the first time that Milei is wrapped in a scandal related to the crypto world. In 2021, when he was a deputy, he criticized him for promoting the company Coinx, which would be more trapped in a complaint of alleged pyramidal scams. In 2023, the company was denounced of course fraud, its 23 offices raided by justice and four of its managers ended in jail. Milei defended himself with the argument that he had only given “a professional opinion” about Coinx.
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