Argentinian President Javier Milei is facing legal charges following the dramatic collapse of the Libra token, with accusations of fraud tied to the token’s “rug pull,” as reported by the Associated Press.
The plaintiffs allege that Milei’s removal of his social media posts promoting the token caused its value to plummet, effectively “rug pulling” investors. In response, Milei’s office has maintained that the president was unaware of the specifics of the project and that his social media posts were a routine endorsement of Argentine startup initiatives aimed at creating jobs and attracting investment.
“The President’s social media posts about KIP Protocol’s launch were part of his usual support for local entrepreneurs and their efforts to bring new ventures to Argentina,” a spokesperson for Milei’s office explained to the AP. The president had met with the project’s team at his office, but no further involvement was disclosed.
At present, Milei has not been formally charged, though prosecutors are set to convene on Monday to discuss the viability of pursuing the case. Meanwhile, blockchain analysts have pointed to potential connections between the Libra token and the Melania token, citing shared wallet addresses.
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