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Argentine President Faces Backlash After Promoting LIBRA

Argentina's President Javier Milei is facing backlash after endorsing LIBRA, which saw a rapid rise in value followed by a sharp decline.

LIBRA Token Controversy
Milei promoted LIBRA on social media, claiming it would boost economic growth and help small businesses. However, concerns about the coin’s legitimacy arose quickly, leading to a significant sell-off. Milei later deleted his post and distanced himself from the project.

LIBRA’s value dropped by over 80% after reports that the development team sold off a large portion of the tokens, leading many to believe that the whole thing was a scam.

 

Political Fallout & Impeachment Threats
While initially linked to Milei, the project’s website states that LIBRA is a private initiative developed by KIP Protocol, a Web3 platform supported by Animoca Ventures. Investigations by Solayer revealed ties between LIBRA’s creator, Arunkumar Sugadevan, and alleged Indian financial frauds, as well as links to other questionable projects.
The Argentine government has asked the Anti-Corruption Office to investigate potential misconduct by officials, including Milei. Opposition lawmakers are also considering impeachment, arguing that the endorsement has damaged Argentina’s global standing.

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Haider Jamal

Content Strategist

Haider is a fintech enthusiast and Content Strategist at CryptoWeekly with over four years in the Crypto & Blockchain industry. He began his writing journey with a blog after graduating from Monash University Malaysia. Passionate about storytelling and content creation, he blends creativity with insight. Haider is driven to grow professionally while always seeking the next big idea.

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