Argentina President Milei under Investigation after Endorsement of Controversial Cryptocurrency

Argentina President Javier Milei admitted that he made a mistake on Saturday after supporting a cryptocurrency whose price surged and later collapsed. On Friday, Milei made a social media post supporting a cryptocurrency called $LIBRA, saying it would help build the economy of Argentina by empowering small enterprises. Later, though, he removed the post and indicated that he had no idea of the project and would not further support it.

Critics within politicians and economists contended that the cryptocurrency was potentially a scam and a “rug pull,” as they called it, in that they brought in investors in an attempt to later cash them out. The coin’s price went through the roof before suddenly crashing.

Milei’s office also announced an “urgent investigation” to look into the launch of the cryptocurrency and if there was any impropriety. The Anti-Corruption Office will also be part of making a determination as to whether or not anyone in the government, including Milei himself, did anything wrong. Some critics, including former president Cristina Kirchner, have accused Milei of being involved in a “crypto scam.”