A group of lawyers in Argentina has filed a lawsuit against President Javier Milei, accusing him of facilitating fraud by promoting the $LIBRA cryptocurrency on the social media platform ‘X’ (formerly Twitter). The token, which was advertised by Milei as a way to encourage economic growth and support small businesses, ended in a classic rug pull scam, resulting in a loss of $107 million.
On Friday, Milei used his official X account to endorse the Libra token, claiming it was designed to fund startups and stimulate the economy. However, the post was later deleted after the token’s developers pulled the liquidity, leading to the scam. The incident has sparked a major political scandal in Argentina, with opposition leaders calling for Milei’s impeachment.
The lawsuit, led by lawyer Jonatan Baldiviezo, alleges that while Milei may not have been directly involved in the token’s creation, he played a key role in promoting it, thus facilitating a criminal operation. The plaintiffs argue that the president’s endorsement violated Public Ethics Law standards.
Milei, however, has denied any involvement and insists he was unaware of the details of the project, blaming his political opponents for exaggerating the issue. Meanwhile, the Anti-Corruption Office of Argentina has stated it will take swift action on the matter, with a judge yet to be assigned to the case. The controversy has further fueled discussions around cryptocurrency regulation in Argentina, a topic that continues to divide political parties.
