"Argentina's President Milei Faces Fraud Charges Over LIBRA Token Promotion"

President Javier Milei of Argentina is facing fraud charges related to his promotion of LIBRA tokens, sparking political controversy and investor concerns. The incident has also triggered a legal investigation in the country.

Argentine lawyers filed fraud charges against President Milei in a criminal court on Sunday. The plaintiffs accused Milei of promoting LIBRA tokens on social media, which they claim led to a "rug pull" operation within the crypto market. The plaintiffs believe Milei's actions contributed to the incident.

Milei launched the discussion about LIBRA tokens on Friday through his X network post. He described LIBRA as a financial asset system designed to support small companies and innovation projects. However, the original post was removed shortly after its creation, leading to a market collapse that resulted in significant financial losses for investors, according to Dexscreener financial reports.

The developers responsible for creating the LIBRA token were part of the KIP Protocol and included Hayden Davis. The "Viva la Libertad" slogan, often used by Milei in public presentations, was published on the vivalalibertadproject.com website by Dale Carnegie Media Inc.

A statement from the President's Office was released on Saturday following the incident. The statement explicitly stated that Milei had no involvement in the cryptocurrency project's development process. He removed the post to avoid further questioning and to prevent the public from learning about the described project.

The detailed explanation has failed to mitigate the political controversy surrounding the incident. Opposition members at the National Congress claim that President Alberto Alberto Milesi uses his position to endorse financially unstable assets. Impeachment proceedings have emerged as a result of this situation, highlighting the mounting political differences between Milei and his opposition members.

Both expert observers and financial analysts are concerned about how the situation could affect investor relations and Argentina's economic stability. The unauthorized promotion of assets without proper supervisory oversight damages the perception of public trust.

The investigation will determine whether Milei broke any legal regulations in this matter. The investigation's conclusions will also establish if public official promotion rules will be affected.