Milei Denies Wrongdoing in His First Defense of Crypto Debacle

President Javier Milei of Argentina has broken his silence on the LIBRA memecoin scandal, denying any wrongdoing in his first public defense of the crypto debacle. In a series of tweets, Milei maintained that he was unaware of the project's details and had merely shared a post in support of a private enterprise. He also distanced himself from the project, deleting his promotional tweet and expressing his disapproval of the project's actions.



The LIBRA memecoin, launched on the Solana blockchain, gained significant traction after Milei's endorsement, with its market cap soaring to over $4 billion within hours. However, the token's price quickly collapsed, erasing nearly all investor gains and leading to billions in losses. Blockchain analysts later uncovered signs of insider manipulation, with large holders liquidating their positions within minutes of the token's launch.

Milei's defense comes amidst growing public outrage and calls for his impeachment. Opposition politicians have accused him of promoting a scam and misusing his political influence, while Argentine lawyers have filed criminal charges against him. The Argentine presidency has announced an investigation into the matter, and the country's Anti-Corruption Office is expected to act immediately.



Despite the controversy, Milei remains defiant, blaming his political opponents for trying to exploit the situation. In a tweet, he stated, "I was not aware of the details of the project, and after getting informed, I decided not to continue promoting it (which is why I deleted the tweet). To the filthy rats of the political caste who want to take advantage of this situation to do harm, I want to say that every day they confirm how vile politicians are, and they increase our conviction to kick them in the ass."



The LIBRA memecoin scandal has raised serious questions about Milei's judgment, economic credibility, and political standing. As Argentina grapples with economic instability, the crypto debacle only intensifies the debate over the role of politicians in shaping digital asset markets. With the investigation ongoing, Milei's future as president remains uncertain, and the long-term economic consequences for Argentina are yet to be fully understood.