Summary
- Argentina's President Javier Milei has been charged with fraud for promoting meme coin LIBRA.
- LIBRA surged to $5 shortly after launch but crashed 95% due to insider trading.
- Jonathan Valdivieso filed charges claiming President Milei was involved in an illegal association.
Argentina's President Javier Milei is facing serious consequences after promoting a meme coin. Multiple lawyers have filed fraud charges against President Milei.
According to AP News on the 16th (local time), Argentine lawyers, including Jonathan Valdivieso, filed fraud charges against President Milei for promoting the meme coin LIBRA, which caused significant damages.
Jonathan Valdivieso, a lawyer and one of the plaintiffs, told AP, "We suspect there was an illegal association in this fraud scheme, and the president is part of it."
Previously, President Milei promoted LIBRA by stating, "Liberal Argentina is growing!!! This private project will be dedicated to encouraging Argentina's economic growth and funding Argentine SMEs and startups. The whole world wants to invest in Argentina."
LIBRA is a coin launched by the KIP protocol and an individual named Hayden Davis.
After President Milei's promotion, LIBRA saw a massive influx of funds and quickly surged to $5. However, insider trading soon occurred, causing the coin to crash by approximately 95%, resulting in devastating losses.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
