Argentina’s $LIBRA scandal: President Javier Milei under fire after cryptocurrency collapse
President Javier Milei’s leadership under intense scrutiny.
The controversy began in February 2025 when Milei, known for his free-market policies, publicly supported $LIBRA, a digital currency created by entrepreneur Hayden Mark Davis and backed by KIP Protocol. Milei’s endorsement aimed to support small and medium-sized businesses in Argentina, a country struggling with high inflation and economic instability.
Following Milei’s endorsement, $LIBRA quickly gained attention, and its value skyrocketed, briefly reaching a market cap of $4.5 billion. However, the excitement didn’t last long. Within hours, $LIBRA’s value plummeted by almost 89%, causing significant losses for investors. This sudden collapse raised doubts about the legitimacy of the cryptocurrency and the intentions behind it.
Upon investigation, it was discovered that wallets linked to $LIBRA had made substantial profits before the crash, with over $100 million being withdrawn just before the value dropped. This raised suspicions of a “rug pull,” a type of scam where developers leave a project after draining funds from investors.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable
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