The Argentinean president branded himself as an edgy economic genius to ride a wave of financial discontent to power. Now he’s implicated in one of the biggest scams in history, wiping out over $4 billion in a few hours, leaving Argentineans wondering if they’ve also been rugged.
Argentina’s President Javier Milei has been accused of fraud, and is likely to face impeachment charges, after he promoted a sham cryptocurrency token which allowed a handful of con artists to dupe crypto owners out of hundreds of millions of dollars in a single day. The scam is believed to be the first cryptocurrency “rug-pull” to have been orchestrated with the help of a sitting president. While the exact number of victims is unknown, around 75,000 people are suspected to have been swindled, and a judge has been appointed to investigate after at least 100 criminal complaints were filed against Milei in Argentina in the days since.
Crypto token $LIBRA jumped massively in value after Milei endorsed it on social media on Feb. 14, posting a link to purchase the coin and lauding the “private project” for “encouraging the growth of the Argentine economy, funding small business and Argentine ventures.” Milei went as far as framing the coin as a legitimate investment, writing, “the world wants to invest in Argentina.”
The URL for the $LIBRA token’s official website, vivalalibertadproject.com, was a clear nod to Milei’s campaign slogan, “¡Viva la libertad, carajo!” The page, which remains online, says the coin was being launched “in honor of Javier Milei’s libertarian ideas” and was “designed to strengthen the Argentine economy from the ground up by supporting entrepreneurship and innovation.”
Hellbound and Down 