Argentina’s President Javier Milei has denied allegations of crypto fraud linked to the $Libra cryptocurrency collapse, asserting he acted in good faith. Despite a significant loss for investors and threats of impeachment, he maintains his actions were not fraudulent and investors were aware of the risks. A judge will review the fraud allegations against him amid ongoing political controversy.
Argentine President Javier Milei has rejected allegations of promoting a collapsing cryptocurrency, $Libra, following a controversial social media post. After briefly increasing in value, $Libra significantly declined, resulting in substantial financial losses for investors. A judge will assess the potential for fraud charges against President Milei in connection with the incident.
In a recent interview, President Milei stated he acted “in good faith” and alluded to the risks faced by investors, likening their losses to those experienced by gamblers in a casino. He maintained that his post simply shared information about $Libra without endorsing it.
Milei deleted the post after a short duration due to growing criticism from political adversaries and affected investors. Many alleged the launch resembled a “rug pull,” a deceitful scheme where organizers attract investments and subsequently cease trading. The presidential office clarified that Milei had no role in the cryptocurrency’s development.
While the President defended the removal of his post, indicating he lacked details about the project at the time, opposition members are contemplating impeachment proceedings against him. Although political analysts suggest that the opposition may not acquire sufficient votes to initiate a trial, this incident could distract President Milei from his ambitious reform agenda.
A federal judge will determine if the allegations of fraud brought against Milei deserve further scrutiny. During the interview, he expressed confidence in his integrity, asserting that those who invested in $Libra did so of their own volition and were aware of the associated risks, stating: “It’s like playing Russian roulette and getting the bullet.”
In conclusion, President Javier Milei has faced allegations of cryptocurrency fraud following the downfall of $Libra, which he disputes. He asserts he acted in good faith and that investors assumed risk. The situation has incited political backlash and potential legal scrutiny, though efforts to impeach him may prove challenging. Amidst these concerns, Milei continues to focus on maintaining transparency and integrity.
Original Source: www.bbc.com
