Milei Investigated for Fraud in $LIBRA Crypto Scandal

Argentine President Javier Milei faces growing scrutiny and potential legal consequences following his promotion of the $LIBRA cryptocurrency, which experienced a dramatic rise and subsequent crash, leading to over $4 billion in losses for investors. Prosecutors are investigating whether Milei engaged in fraud or breached public duty after he praised the cryptocurrency on social media, only to delete his endorsement hours later, admitting he made a mistake. Critics, including economists and opposition figures, allege that the token's rapid decline suggests it could be a scam or a 'rug pull.' Complaints have been filed with the federal court, which is now examining the legality of Milei's actions, and a U.S. law firm has also initiated a probe, indicating international implications of the alleged fraud. The U.S. Department of Justice has received a complaint concerning illicit gains from the scheme, which reportedly affected both Argentine and American investors. Milei's office has denied any wrongdoing, claiming he was unaware of the project's details and merely attempted to promote entrepreneurial initiatives in Argentina.