Argentine lawyers have filed a lawsuit against the country’s president for LIBRA cryptocurrency fraud. Javier Milei is accused of fraud, business dealings incompatible with public office, price manipulation and financial crimes. For the moment, the Argentine president denies any involvement in the development of the LIBRA memecoin he promoted.
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Javier Milei faces justice in his country
The Argentine president could soon face justice in his country. Argentinian lawyers have filed a complaint against Javier Milei. Known as a staunch supporter of Bitcoin, Javier Milei is accused of crypto fraud, according to Associated Press.
The charges against the Argentine president date back to last week. Last February 14th, Javier Milei shared an X post promoting the LIBRA memecoin. The Argentine president then deleted the post a few hours later, claiming not to have been aware of the memecoin’s details. The token, which had reached over $4 billion in capitalization, then collapsed. Users suffered considerable losses as a result.
For the plaintiffs, the president committed illegal acts through the promotion of a LIBRA memecoin. He is liable to prosecution for fraud, business dealings incompatible with public office, price manipulation and financial crimes.
Javier Milei pleads not guilty, awaiting trial
Long before the Argentinian lawyers filed their complaint, Javier Milei gave his side of the story. According to the Argentine presidency, Milei is not remotely involved in the LIBRA crypto. However, he admits to having met twice with KIP Protocol, the company behind the LIBRA memecoin. He has promoted LIBRA in the belief that it is a tool for financing private companies in Argentina via blockchain. Considering the project’s repercussions and to avoid speculation, Milei has stopped promoting the project.
Faced with this situation, Argentine President Javier Milei has referred the matter to the Anti-Corruption Bureau. This body is expected to determine whether there has been any improper conduct on the part of the President or any member of his government. An investigation unit has also been set up at the presidency to look into the launch of the LIBRA memecoin.
The promotion of memecoins by celebrities is causing increasing scandal. This month, rapper Kanye West announced that he had been asked to promote a fraudulent namecoin for a cool $2 million. The star says he rejected the offer. With the LIBRA affair and Kanye West’s revelations, it’s clear that scams are in full swing.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.
