President Javier Milei recently spoke about the looming controversy surrounding the LIBRA meme coin in an interview with an Argentine news outlet. He clarified his involvement, clearly stating that while he shared information about LIBRA on social media, he did not fully endorse the project. His intention and hope, as he explained:
LIBRA could offer a new avenue for Argentine entrepreneurs to secure funding and achieve profitability, particularly given the challenges they face in accessing traditional financing.
He eventually talked about meeting Hayden Davis, CEO of LIBRA’s market maker, at a tech event in 2024 where Davis claimed to be advising him on the project. Then the deed day came, February 14, Milei posted about LIBRA on social media shortly after its launch, which caused the token’s market cap to rise past $4 billion. However, a sudden sell-off by insiders and whales, which led to accusations of a rug pull, prompted Milei to delete his post immediately. Even when rumors took to the street that his account had been hacked, Milei pinned the post to confirm he was in charge of the account and its post.
In advent to defend his actions, Milei said he shared the information on the spectacle of new interest in new technology, not to promote the coin. He went on to clamor on the idea that most affected investors were from the U.S. and China, not Argentina, and these investors were experienced traders familiar with high-risk markets. Milei openly confessed that this stunt was nothing but a brutal mistake and a lesson to learn from.
Milei denies any wrongdoing and insists that only a small number of Argentinians were affected by LIBRA’s collapse. He also crushed reports that 40,000 people traded the token, claiming the numbers were only close to 5,000. He stressed that those involved were experienced traders who knew the risks involved.
Over 100 criminal complaints have been filed against Milei and others associated with LIBRA. Opposition lawmakers have even used this controversy as a reason for impeachment. U.S. prosecutors are also involved in the case as of now, as Davis is an American citizen. Milei willingly appeared before Argentina’s anti-corruption office to request an investigation into whether any government members, including himself, were involved in this gross misconduct.
Milei firmly denied accepting bribes and refrained from commenting on Davis’s role, stating that Argentina’s judicial system should handle the investigation. He emphasized the transparency of blockchain technology, which records all transactions, and expressed confidence that authorities would uncover the truth.
In conclusion, Milei reassured the public that he acted in good faith and remains committed to serving Argentina honestly.
Detailed Report on the news gotten from FXStreet
