Argentine President Milei is being called to step down after supporting a cryptocurrency whose value has dropped sharply.
The LIBRA symbol went live the same day Milei talked about it on his personal X account.
After supporting a new cryptocurrency on his social media account, Argentine President Javier Milei is getting harsh criticism, and some people are even calling for his removal.
In a post that has since been deleted from Milei’s personal X account on February 14, he shared a link to a website where people could buy a cryptocurrency called $LIBRA. This coin was connected to a new initiative called Project Libertad, and the website for that initiative says that the launch of the coin was meant to help Argentine businesses.
Milei said in his post that the coin and the project would be good for small companies and the economy of the country.
As soon as it came out, the coin went from being worth about $0.22 to more than $5. The price dropped about 70% in the first hour after it came out, though, as people saw sales from early buyers.
Crypto analytics company LookOnChain says that eight digital wallets associated with early trading of the coin paid out a total of $107 million. On the other hand, crypto news site ICOBench says that 60 traders lost more than $500,000 each, and 24 traders lost at least $1 million.
CoinMarketCap.com says that one LIBRA coin is worth about $0.30 right now.
Because of when things happened, some people on social media say that the coin’s creators or people who knew about the project early on “rug pulled” later buyers, knowing they could sell to them for more money.
When asked for comment, people working on the project did not reply.
There are some similarities between this situation and when President Donald Trump promoted a cryptocurrency right before he took office. The value of that coin, TRUMP, has dropped by about 80% from its launch high of nearly $78 to about $16.
On the other hand, early backers of TRUMP coin also made a lot of money, and the project was more open about who owned it.
In a post on X, American Hayden Davis claimed that he did anything wrong when he started LIBRA and said that Milei was the one who broke promises on the project.
Davis highlights memecoin’s trust-based investments, but Milei’s post deletion caused fear selling among investors who believed he supported the token.“The sudden drop in trust had a terrible effect on the stability of the token market.”
Davis did not answer when asked for more information.
Milei’s official account shared a long explanation of what happened on Saturday. It said that Milei had since asked Argentina’s anti-corruption investigator to look into the matter, including the president’s role in it.
In a TV show on Monday, Milei said he probably made a mistake when he promoted the coin.
The man told the Financial Times, “I’m a techno-optimist, and this was suggested to me as a way to help fund Argentine projects.” “Yes, I did get hit in the face when I tried to help those Argentines.”
His office said that even though he had met with project officials twice, he had never worked on the project itself.
In the interview, Milei said, “The most interesting lesson is that I need to put up more filters; it can’t be so easy for people to reach me.”
Some experts say it might be hard to get enough votes to impeach Milei, but his opponents are already jumping on the story. According to The New York Times, one coalition is calling it “a scandal without precedent” and another wants to set up an independent commission.
Milei was the first leader from another country to meet Trump after the election in November. She and Elon Musk have become close, with some calling it a “bromance.” Last year, Milei led the creation of a new government agency called the Ministry of Deregulation and State Transformation. This agency is similar to the Department of Government Efficiency that Musk is leading.
When Milei took office in December 2023, he promised to fix his country’s long-standing price problems. There has been some improvement, but the number of poor people in the country has also gone up.
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If you’re thinking about trying your luck at an online casino, this article is a
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If you’re into roulette, you’ll find tons of valuable tips here.
They really covers all the popular games in detail, giving you the tools
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I personally appreciated the discussion about online casino security.
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What I liked most was the section on bonuses and promotions, which I think is
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In addition, the strategies about managing your bankroll were very useful.
The advice is clear and actionable, making it easy for
players to take control of their gambling habits and avoid pitfalls.
The pros and cons of online gambling were also thoroughly
discussed. If you’re considering trying your luck at an online casino, this
article is a great starting point to understand both the excitement and the risks
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If you’re into roulette, you’ll find tons of valuable tips here.
They really covers all the popular games in detail, giving you the tools you need to enhance your gameplay.
Whether you’re into competitive games like poker or just
enjoy a casual round of slots, this article has something for
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I also appreciated the discussion about payment options.
It’s crucial to know that you’re gambling on a site that’s safe
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If you’re unsure where to start, I highly recommend
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