The Argentinian opposition threatened on Saturday with a deposition procedure against President Javier Milei. He promoted the Crypto currency $ Libra, after which the value of the coin quickly plummeted, reports agencies ANP, RTR and Bloomberg report.
On Friday evening, Milei posted a message on X and Instagram in which he encouraged his followers to invest in $ Libra. “The world wants to invest in Argentina. $ Libra ”, would have been read in the message. Subsequently, the course rose to a total market value of more than 4 billion dollars, but shortly thereafter, with a loss of around 95 percent. Ferry thousand investors would have lost money.
‘Rug Pull’
Only a few hours after his post on social media on Friday evening, in the middle of the price fall, Milei deleted his message. The Argentinian president, who once started his career as an economist and who says he deserves the Nobel Prize for reforms in his country, admits that he has made a mistake. “I did not know the details of the project and after I had heard it, I decided not to advertise anymore,” he said. He added that he “clearly had no connection” with the “alleged private company.”
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However, experts, including the Argentinian branch organization for fintech companies, speak of a ‘back pull’. Developers promote a crypto coin, often with the help of a well -known person, to increase the value. They then sell their own share, which leads to losses for ignorant investors who board later. According to Cryptonieuwssite Lookonchain, these insiders sold 107 million dollars (102 million euros) to libras.
The opposition coalition Unión Por La Patria announced that it would submit a request for deposition procedure against the ultraliberal president. “Mileis involvement in a crypto fraud is extremely serious. It is an unprecedented scandal, “wrote the coalition on X.
Javier Milei has asked the anti -corruption agency of the Argentinian government to investigate the matter and a task force was established to investigate the launch of the crypto coin.
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