Overview

A group in Argentina is filing charges against President Javier Milei related to his role in the LIBRA memecoin scandal. The allegations point towards his involvement in a recent crisis that involved a significant loss of value following his retraction of supportive posts.

Key Points

• Legal action against Javier Milei, who is being accused of fraud in connection with the LIBRA token’s worth dropping significantly after his posts were deleted.
• Plaintiffs consider this a ‘rug pull’, indicating a deceitful practice aimed at defrauding investors.

Response from Milei’s Office

Milei’s office has stated that they were not fully briefed on the token’s specific circumstances and emphasized that his social media posts aimed to promote local startups and jobs.

“The President shared a post on his personal accounts announcing the launch of KIP Protocol’s project, as he does daily with many entrepreneurs who wish to launch projects in Argentina to create jobs and attract investments,” said Milei’s representative to the AP.

Next Steps

Milei has not been formally charged yet, but prosecutors are set to review the case soon to ascertain its legitimacy.*