Argentine President Javier Milei has denied any involvement in promoting the newly launched cryptocurrency $Libra, which surged in value before collapsing shortly after he mentioned it in a social media post. Investors who suffered losses have accused Milei of misleading them, prompting a federal judge to review potential fraud charges against him.
Speaking to Argentine TV channel Todo Noticias on Monday, Milei defended his actions, insisting that he had simply shared information about the cryptocurrency rather than endorsing it.
“I didn’t promote it; I merely shared it,” he stated, dismissing investor complaints as comparable to gambling losses. “If you go to a casino and lose money, what’s there to complain about when you knew the risks?”
Deleted Post Sparks Outrage and Legal Scrutiny
Milei’s post on X (formerly Twitter), which contained a link to a site selling $Libra, was deleted just hours after being published. However, the damage had already been done, with investors alleging that his post contributed to the token’s rapid rise and crash.
Critics argue that the $Libra collapse resembled a “rug pull” scam, where creators attract buyers before abandoning the project and cashing out. Milei’s political opponents have used the controversy to question his judgment and demand accountability.
Anti-Corruption Office and Judiciary Investigate
The Argentine Anti-Corruption Office has launched an investigation into whether Milei acted improperly, while a federal judge will decide whether to proceed with fraud allegations filed by multiple plaintiffs. Despite the growing controversy, the presidential office maintains that Milei had no involvement in developing the cryptocurrency.
Milei defended his decision to delete the post, stating that he had initially been unaware of the full details behind the $Libra project. “After learning about it, I decided not to continue promoting it,” he explained.
Political Backlash and Calls for Impeachment
Opposition politicians have seized on the scandal, with some threatening to initiate impeachment proceedings against the president. While analysts believe impeachment is unlikely to succeed due to a lack of votes, the controversy has become a major distraction from Milei’s economic reform agenda.
In his television interview, Milei remained defiant, stating, “I have nothing to hide.” He also reiterated that $Libra investors voluntarily participated in a high-risk investment, adding: “It’s like playing Russian roulette and getting the bullet.”
As legal proceedings unfold, the case threatens to become a significant test of Milei’s credibility and his ability to push forward his radical economic policies.
