Argentina’s President Javier Milei is under fire as accusations of fraud linked to the controversial LIBRA coin scandal surface, shaking the cryptocurrency landscape significantly. The altcoin, once supported by Milei, has seen a staggering decline of 95% in its value, inflicting severe financial losses on numerous investors. Local attorneys have initiated legal actions against the President for his purported involvement in the scheme, while Milei vehemently denies these charges. Meanwhile, the government has pledged to carry out its own investigation into the matter.
What Are the Allegations Against President Milei?
Argentinian lawyer Jonatan Baldiviezo claimed to the Associated Press that “fraud was committed in this illegal scheme, and the president’s role was critically important.” Economists and engineers are among the plaintiffs amplifying the allegations against Milei.
How Did LIBRA Coin Lose Its Value?
The LIBRA coin’s value plummeted after claims surfaced that associated individuals misappropriated $107 million in transaction fees. The situation escalated when Milei withdrew his support, which led to a crisis of confidence among investors. Hayden Davis, a consultant tied to the project, attributed the coin’s collapse to Milei’s actions.
The unfolding situation raises critical points for consideration:
- Legal proceedings against Milei are gathering momentum.
- The value of LIBRA coin has drastically fallen, causing investor distress.
- The government is taking steps to investigate potential corruption.
A judge is expected to be appointed soon to oversee the ongoing legal actions. The initiation of a formal trial appears to be on the immediate horizon as the investigation progresses.
