Javier Milei Faces $4.6 Billion Crypto Scandal

Argentine President Javier Milei's endorsement of the cryptocurrency $LIBRA has spiraled into a significant scandal, prompting calls for impeachment and a fraud investigation. Promoted as a means to uplift the Argentine economy, the token skyrocketed by 1,300% shortly after Milei's announcement before plummeting, leading to a loss of approximately $251 million for investors, with insiders reportedly profiting by $180 million. Following the backlash, Milei deleted his post and claimed ignorance about the project's details, framing his endorsement as an honest mistake. This incident has galvanized opposition figures, although their fragmented leadership has made it difficult to mount a unified challenge against Milei. Meanwhile, the controversy has sparked a flight of investors towards alternative platforms like Rollblock, which is experiencing significant growth amid the fallout from the LIBRA debacle. The situation highlights the ongoing volatility and risks associated with celebrity-endorsed cryptocurrencies and the broader implications for the crypto market.