Argentina’s Milei Orders Investigation After Selling Crypto That Cratered

Argentina’s Milei Orders Investigation After Selling Crypto That Cratered

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Americas|Argentine Leader Draws Fire After Cratering of Crypto Coin He Promoted

https://www.nytimes.com/2025/02/15/world/americas/argentina-milei-crypto-trump.html

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Javier Milei posted about the coin on social media, then deleted it and announced an investigation into whether or no longer any authorized guidelines had been damaged.

Javier Milei, Argentina’s president, in Buenos Aires final year.Credit…Magali Druscovich for The Recent York Instances

By Natalie AlcobaLucía Cholakian Herrera and Yan Zhuang

Argentina’s president, Javier Milei, has prompted a political firestorm by promoting an unknown cryptocurrency token that shot up in price after his endorsement — then rapid cratered.

In a post on social media on Friday evening, Mr. Milei stated that the coin, called $LIBRA, would stimulate the financial system and again minute businesses develop. Whereas the sudden consideration gave the token an preliminary boost, the gargantuan features had been erased as misfortune rapid unfold that the coin used to be a rip-off.

Mr. Milei deleted the post, which used to be on his deepest yarn, 5 hours later and attempted to distance himself from the project. “I used to be no longer aware of the minute print of the challenge,” he wrote on X, “and after having told myself I made up my mind no longer to proceed disseminating it (because of this I deleted the tweet).”

On Saturday evening, in one more post on X from the legitimate presidential yarn, his preliminary endorsement of the coin used to be described as a routine promotion of a enterprise. It also stated the president had opened investigations into whether or no longer somebody in his authorities, along with himself, had acted inappropriately, and whether or no longer somebody eager with the coin had damaged the regulations.

Mr. Milei had come beneath fireplace for it appears to be like pushing folks in opposition to a foul funding. His preliminary post also prompted comparisons with President Trump, who launched a memecoin, $Trump, final month. That token surged for a while and then crashed.

A center-left coalition that opposes Mr. Milei’s libertarian authorities called his crypto foray “a scandal without precedent.” One other political bloc stated it used to be wanting for to manufacture a commission in Congress to match what befell.


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