In a dazzling display of political acrobatics, Argentina’s President, Javier Milei, finds himself ensnared in a web of scrutiny after lending his illustrious endorsement to the obscure cryptocurrency known as LIBRA.
His enthusiastic public backing momentarily inflated the token’s value, only for it to nosedive spectacularly, igniting a firestorm of accusations regarding misconduct and potential legal shenanigans. Talk about a rollercoaster ride! 🎢
Anti-Corruption Office Takes the Plunge into LIBRA’s Murky Waters
On the fateful day of February 14, President Milei took to X (formerly Twitter, because why not?) to extol the virtues of the LIBRA meme coin, proclaiming it a panacea for Argentina’s economic woes and a boon for small businesses.
His proclamation sent the token’s price soaring, with the market cap ballooning to over $4 billion in mere hours. Insiders, those crafty little foxes, seized the moment, cashing out a staggering $100 million in profits. 💰
But alas, the jubilation was short-lived. The meme coin, devoid of any semblance of tokenomics, had a website that materialized mere hours before its launch, and a jaw-dropping $87 million was cashed out within the first three hours. Talk about a classic pump-and-dump scheme! 🎭
“Within minutes of the launch, multiple large holders began liquidating millions of USD worth of LIBRA. This included gains of +$4 million or more as LIBRA rose to $4.6 billion in market cap. After the top was set at 5:40 PM ET, the coin fell in a literal straight line,” mused The Kobeissi Letter, with a flair for the dramatic.
As the dust settled, the mounting criticism forced Milei to delete his post faster than you can say “oops!” He sheepishly claimed he hadn’t fully grasped the project’s intricacies.
In a classic case of “I didn’t know what I was doing,” he later clarified that, upon further enlightenment, he opted to cease his promotional efforts.
“I was not aware of the details of the project and after becoming informed, I decided not to continue giving it exposure (that’s why I deleted the tweet),” the president stated, perhaps while looking for a good excuse.
In a valiant attempt to contain the fallout, Argentina’s presidential office downplayed the incident as a mere routine business promotion linked to blockchain financing. Because who doesn’t love a good blockchain story?
However, officials did concede that Milei had met with Hayden Mark Davis, a character associated with the KIP Protocol, the very backbone of LIBRA’s infrastructure. Oh, the tangled webs we weave!
Despite the attempts at damage control, the government has launched an investigation to determine whether any officials, including our dear President Milei, acted inappropriately. The probe will also scrutinize whether KIP Protocol engaged in any unlawful activities.
In a stroke of bureaucratic genius, the president has ordered the establishment of an Investigation Task Unit (UTI) under his watchful eye. This elite squad, composed of financial, crypto, and anti-money laundering experts, will delve into the murky waters of LIBRA’s launch and its cast of characters.
“All information gathered during the investigation will be handed over to the courts to determine whether any of the companies or individuals linked to the KIP Protocol project committed a crime,” the statement added, as if we needed more drama.
Political Fallout and Impeachment Shenanigans
The controversy has spiraled beyond the crypto realm, igniting a political crisis of epic proportions. Critics are having a field day, arguing that Milei’s reckless promotion of a speculative asset has led to financial losses for investors and the general public.
Argentine lawmaker Gabriela Estevez didn’t hold back, accusing him of orchestrating a classic pump-and-dump scheme. She described it as a severe financial fraud that manipulated market prices for personal gain.
“What the President did is called Pump and dump, and it’s a serious financial fraud. The ‘crypto’ creators buy large amounts of it at its initial price. Then, they
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2025-02-16 15:07