Argentine court freezes funds related to controversial meme coin 'LIBRA'

Uk Jin

Summary

The Argentine court has decided to fully freeze funds related to the meme coin 'LIBRA'.
LIBRA was personally promoted by President Javier Milei, and investor losses increased after a 'rug pull' occurred.
According to the prosecutors' report, the 'LIBRA' fraud case is estimated to have caused 100 million to 120 million dollars in damages.

The Argentine court has decided to fully freeze funds related to the meme coin 'LIBRA'. LIBRA is a meme coin that Argentine President Javier Milei personally promoted.

On the 11th (Korean time), according to crypto-focused outlet CoinDesk, Marcelo Jorge, an Argentine federal judge, issued an indefinite 'do not alter' order on the assets held by three individuals linked to the LIBRA coin, including Hayden Davis. The measure was made at the request of Argentina's prosecutors and is a temporary freeze to prevent concealment of criminal proceeds.

The LIBRA coin is a meme coin issued last January. At the time, it drew significant attention after President Milei posted a photo he had taken with Hayden Davis on social media (SNS). However, a 'rug pull' occurred as investors poured into the LIBRA coin, causing the price to plummet and many investors to suffer losses. At the time, the filing of an impeachment motion against President Milei was even discussed in Argentina.

Prosecutors' investigation found that Hayden Davis transferred 75,500,000 dollars through crypto exchange Bitget just 42 minutes after posting the photo with President Milei on social media.

According to the prosecutors' report, hundreds of investors were harmed in the LIBRA fraud case, and the damage is estimated at 100 million to 120 million dollars.

LIBRA