Javier Milei Under Investigation for Alleged Fraud Linked to…

Javier Milei, President of Argentina, faces fraud allegations regarding the cryptocurrency $LIBRA following its rapid rise and fall, leading to financial losses for investors. A federal judge has been assigned to investigate his potential illegal activities. Critics question his involvement, while Milei denies participation in the currency’s development, blaming rivals for the controversy.

Argentina’s President Javier Milei is under scrutiny due to allegations of fraud linked to the cryptocurrency $LIBRA. A federal judge, Maria Servini, has been assigned to investigate whether Milei acted unlawfully in promoting $LIBRA, which was launched recently. The promotion led to a rapid increase in the cryptocurrency’s value, reaching approximately $4 billion in market capitalisation before it plummeted, causing significant losses for investors.

The rise and fall of $LIBRA have raised concerns among critics who suspect it may be a scam, colloquially known as a “rug pull.” This term refers to situations where initial investors cause inflated values just before withdrawing, thus collapsing the currency. Following the value drop, Milei deleted promotional posts which further fueled speculations of his involvement in the potential fraud.

In a statement issued by Milei’s office, it was made clear that he had no role in the creation of the cryptocurrency and emphasized his typical support for various business endeavors. An anonymous official from his administration claimed that if there were victims, it would be Milei himself and insisted that he routinely promotes legitimate projects to foster economic growth and job creation.

Nonetheless, some critics argue that Milei’s promotion, which included messages on a website bearing his slogan, implicates him in the scheme. Jonatan Baldiviezo, a lawyer involved in the case, asserted that Milei’s actions were integral to the alleged fraud, while an NGO claimed that Milei’s actions resulted in substantial losses for many investors.

In a video, Hayden Davis, a developer of $LIBRA, criticized Milei for withdrawing support and deleting relevant social media posts after the currency’s collapse. Although experts suggest that an impeachment trial for Milei is improbable, this incident may damage his economic credibility as the 2025 midterm elections approach.

Milei responded to the situation by directing blame toward his political adversaries on social media, expressing his determination to overcome their challenges.

The ongoing investigation into President Javier Milei’s involvement with the cryptocurrency $LIBRA highlights serious allegations of fraud that could impact his political future. Despite the president’s assertions of non-involvement and claims of being a victim, critics remain skeptical. The outcome of the inquiry and its implications for Milei’s credibility as he approaches future elections remain to be seen.

Original Source: www.aljazeera.com