Argentine President Javier Milei is facing criminal fraud charges after promoting the meme coin LIBRA, which soared to $4.5 billion before collapsing.
Argentine meme coin LIBRA collapses, losses reach more than $4.4 billion
Argentine lawyers have taken the case to court, claiming Milei played a pivotal role in a financial fraud.
Milei promoted LIBRA on the X platform as part of the Viva La Libertad project to support startups, but he withdrew his support hours later as the coin collapsed by 85%, citing a lack of due diligence on the project.
His office confirmed that he was not involved in the development of the project, despite meetings with the KIP Protocol team, which developed the coin.
Hayden Mark Davis, a representative for KIP Protocol, accused Milei and his team of abruptly withdrawing support for the project, which led to a loss of investor confidence and a market collapse.
GeckoTerminal data shows that Libra has fallen by 92% from its peak and is currently trading at $0.3.
The Anti-Corruption Bureau continues to investigate the case, while opponents of Melle are considering launching an impeachment trial against him.
For his part, the founder of Binance promised to financially help those affected by the digital currency Libra.
