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Milei Faces Heat Over Libra Memecoin Drama
Argentina’s President Javier Milei is in hot water. Lawmakers in Argentina’s Chamber of Deputies just voted to investigate him over his alleged role in promoting the now-infamous Libra (LIBRA) memecoin.
Out of 228 votes, 128 backed the probe, 93 opposed it, and 7 decided to sit on the fence. The proposal had already failed in the Senate once, but this time the lower house wasn’t letting it slide.
From Memecoin Hype to Multi-Billion Disaster
Milei’s social media promotion of Libra worked like magic — or should we say, chaos. His 3.8 million followers jumped in, sending Libra’s price soaring to $5 and its market cap to a mind-blowing $4 billion.
But the magic didn’t last. LIBRA turned out to be a classic rug pull — a crypto scam where creators pump a token’s value and then vanish with the loot. Over 40,000 investors reportedly lost more than $4 billion combined. That’s some next-level heartbreak.
Lawsuit Time: Fraud Allegations Roll In
Lawyer Jonatan Baldiviezo and others didn’t waste time. They filed a lawsuit accusing Milei of fraud, saying his influence was key in making this scheme look legit.
Worse, blockchain data revealed that 86% of investors who sold their LIBRA tokens did so at a loss — adding up to a brutal $251 million gone down the drain.
Milei Says: “Not My Fault”
Milei, of course, denied everything. He claims he didn’t promote Libra — just “spread the word.” That’s like tossing a match on dry grass and then saying you were only showing people fire.
Either way, the investigation is on. And if proven guilty, Milei could face serious legal and political trouble.
