Key takeout
The Argentine president faces fraud charges related to $Libra Token promotion on social media. Investors suffered losses after the $Libra token value collapsed following the president’s social media post and subsequent deletion.
Please share this article
Argentine President Javier Mairay faces criminal fraud charges following the promotion of $Libra Token, which spiked to a $4.5 billion valuation before crashing.
According to the Associated Press, the Argentine lawyer filed a charge in Criminal Court on Sunday, alleging that $Libra’s Milei’s social media promotion constituted an illegal association.
“In this illegal association, there was a fraudulent crime that was essential to the president’s actions,” said Jonathan Bardiviezo, one of the lawyers filing the charges.
Plaintiffs, including Baldiviezo, lawyer Marcos Zelaya, engineer MarÃa Eva Koutsowitis and former president of former central bank Claudio Lozano, characterized the case as “ragpur”. They allege that it violated Argentina’s public ethics law.
Reuters reported on Saturday that opposition lawyers are considering launching an ammo each trial against President Mairi. Opposition figures, including MP Leandro Santoro, called the incident a scandal and called it accountable.
The next step in the criminal justice process will be decided Monday, with a judge assigned or the case being introduced to the prosecutor.
Milei promoted X from X on Friday and presented it as part of the Viva La Libertad project, a Crypto initiative aimed at funding small and medium-sized businesses and start-ups. A few hours later, he retracted his support and admitted inadequate due diligence as the token’s value fell by 85%.
Milei revealed that he had no connection with the project team and used the situation to criticize his political opponents.
The President’s Office said Saturday that Mairay was not involved in developing the project, but they confirmed that Mairay and the management authorities met with representatives of the KIP Protocol, the project’s developer, in the president’s office.
The President’s Office said the Anti-Corruption Bureau will investigate and share the judiciary and investigation results.
Hayden Mark Davis, president of the KIP protocol, denounced Milei for the collapse of $Libra Token.
In a video shared on social media, Davis said that Mairay and his team first supported the project, but later reversed their positions, unexpectedly retracted support and deleted all related posts He said he did.
He said the sudden decision was inconsistent with prior guarantees and directly contributed to the token market collapse.
Geckoterminal’s data shows that $Libra traded at about $0.3 at press, down about 26% in the last 24 hours and 92% from its peak.
Please share this article
