The economist Javier Milei caused a stir on social media by promoting a cryptocurrency called $LIBRA, which crashed shortly after its launch. The cryptocurrency, originally named Libra and launched by Meta (Mark Zuckerberg's company), had to change its name due to its lack of success.
Following the currency's decline, a debate arose in which some journalists, trolls, and market operators suggested that Milei's account had been hacked, attempting to downplay the situation. However, personalities like Lilia Lemoine refuted these claims. Milei's coin experienced a brief initial boost, followed by a rapid collapse in its value.
Amid the controversy, it was suggested that the Public Ethics Law may have been violated, potentially triggering a series of complaints next Monday. Although Milei initially stated that he was unaware of the details in a message on his social media, in an interview with Bloomberg, he clarified that the project was real and based on private investment.
The "Liberal Argentina" project promoted by Milei aimed to foster the country's economic growth by supporting small businesses and local ventures. However, the promotion of a cryptocurrency with a lack of liquidity and suspected fraud raised concerns within Luis "Toto" Caputo's team, fearing it could affect a possible agreement with the IMF.
After the controversy, Milei tried to dissociate himself from the situation, while on social media the hashtag #MileiScammer was gaining popularity. The cryptocurrency in question, part of the Solana network, was labeled as a "shitcoin" by cryptocurrency market experts, denoting its lack of utility and reliability.
