• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Stock

Argentine President Milei faces impeachment calls for promoting cryptocurrency that tanked

by February 19, 2025
written by February 19, 2025

Argentine President Javier Milei is facing withering criticism, including some calls for impeachment, after promoting a new cryptocurrency on his social media account.

In a since-deleted post from his personal account on X on Feb. 14, Milei shared a link to a site where users could purchase a cryptocurrency called $LIBRA, a coin attached to a new initiative called Project Libertad, whose website indicates funds from the coin launch were designed to support Argentine businesses. 

In his post, Milei indicated the coin and the project would help the country’s economy and small businesses. 

Soon after launching, the coin’s price rose from about $0.22 to more than $5. Yet within an hour of the launch, buyers began to notice sales from early purchasers, and the price tanked some 70%.  

According to crypto analytics firm LookOnChain, eight digital wallets linked to early trading of the coin cashed out a total of $107 million, while data reported by crypto news site ICOBench showed some 60 individual traders each lost more than $500,000, while 24 traders lost at least $1 million.     

Today, LIBRA coin is worth about $0.30 according to CoinMarketCap.com.

The timeline of events has led to accusations on social media that the coin’s developers, or those with early awareness of the project, executed a “rug pull” on later buyers, to whom they knew they could sell at a higher price. 

Representatives for the project did not respond to a request for comment.

The situation has drawn some parallels with President Donald Trump’s promotion of a cryptocurrency just prior to taking office; that coin, TRUMP, has fallen in value by some 80% to about $16 from its immediate post-launch high of nearly $78. 

However, while early backers of TRUMP coin also saw large windfalls, the project was more transparent about its ownership structure.   

In a post on X, Hayden Davis, an American, denied accusations of wrongdoing in launching LIBRA and accused Milei himself of reneging on the project. 

“It is crucial to recognize that memecoin investments are driven by trust and endorsement,” Davis wrote. “When Milei and his team deleted their posts, investors who had purchased the token based on their trust in his endorsement felt betrayed. This led to a wave of panic selling, further exacerbating the situation. The sudden loss of confidence had a catastrophic impact on the token’s market stability.”

Davis did not respond to a request for additional comment. 

On Saturday, Milei’s official account posted a lengthy description of what had occurred, stating that Milei himself has since invoked Argentina’s anti-corruption investigator to look into the matter, including the president’s own involvement.

In a television interview Monday, Milei admitted he had likely erred in promoting the coin.

“I’m a techno-optimist . . . and this was proposed to me as an instrument to help fund Argentine projects,” he said according to the Financial Times. “It’s true that in trying to help out those Argentines, I took a slap in the face.”  

His office said that while he had met twice with representatives of the project, he was never involved in its development.

“The most interesting lesson is that . . . I need to put up more filters, it can’t be so easy for people to reach me,” Milei said in the interview. 

While some analysts say getting enough votes to pass impeachment articles may be unlikely, Milei’s opposition is already pouncing on the incident, with one coalition calling it “a scandal without precedent” and another group for the creation of an independent commission, according to The New York Times.

Milei was the first foreign leader to meet Trump after the November election, and has developed what some have called a “bromance” with Elon Musk. Milei pioneered a new government agency, the Ministry of Deregulation and State Transformation, last year that has parallels with the Department of Government Efficiency Musk has spearheaded.   

Milei took office in December 2023 promising to tackle his country’s longtime inflation woes. Although some progress has been made, the country’s poverty rate has also increased.

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
EU warns Trump against letting Putin divide the US and Europe: ‘Let’s not do him the favor’
next post
SEAN DUFFY: America’s air traffic systems need an urgent upgrade

related articles

Nvidia results spark global chip rally

May 30, 2025

Boeing to resume airplane deliveries to China next...

May 29, 2025

E.l.f. Beauty to acquire Hailey Bieber skin care...

May 29, 2025

Dick’s Sporting Goods stands by full-year guidance —...

May 28, 2025

Macy’s CEO says retailer will hike some prices...

May 28, 2025

23andMe to delist from Nasdaq, deregister with SEC

May 28, 2025

Walmart fined for shipping realistic toy guns to...

May 28, 2025

Why Trump’s iPhone tariff threat might not be...

May 25, 2025

Trump clears Nippon merger with U.S. Steel

May 24, 2025

United Airlines reaches ‘industry-leading’ labor deal with flight...

May 24, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • House honoring 13 US service members killed in 2021 Abbey Gate bombing during Afghanistan withdrawal

    September 10, 2024
  • ‘Blindsided’: How Stefanik’s Trump nomination as UN ambassador imploded

    March 31, 2025
  • Trump indicates he won’t make another presidential run in 2028 if unsuccessful this time

    September 23, 2024
  • Harris’ push for electric vehicles suffers another blow after automaker backtracks: ‘Unwanted and unworkable’

    August 25, 2024
  • EURUSD and GBPUSD: EURUSD is slowing the bullish scenario

    August 28, 2024

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 3

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 4

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (4,721)
  • Investing (624)
  • Stock (773)

Latest Posts

  • Back on the trail: Top Biden surrogate Newsom now campaigning for Harris

    September 10, 2024
  • Trump nominates Mike Huckabee for US ambassador to Israel

    November 12, 2024
  • Apple’s iPhone 16 is coming sooner than you think, but there’s a twist

    August 5, 2024

Recent Posts

  • New book exposes how top Biden comms staffer was ‘tip of the spear’ covering up Biden’s cognitive decline

    May 22, 2025
  • GAINTOMO AI™: Crypto Trading with Intelligent Automation

    November 19, 2024
  • Explosive new intelligence report reveals Iran’s nuclear weapons program still active

    May 28, 2025

Editor’s Pick

  • SEC issues summons for Gautam Adani, nephew on bribery allegations

    November 25, 2024
  • JOE MANCHIN: The American people picked Trump. Now is the time to deliver solutions for everyone

    November 17, 2024
  • Ethereum ETFs: A Strong Start, But Can It Match Bitcoin?

    July 30, 2024
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock