Promote LIBRA Coin: Argentinian President Accused of Fraud!

Bittime - Are you following the latest drama in the crypto world? This time, it wasn't just traders who were excited, but also the President of Argentina, Javier Milei! He is facing charges fraud after promoting the coin $LIBRA, whose value skyrocketed before finally dropping drastically.

What's the story? What really happened? Come on, let's discuss it thoroughly in this article!

$LIBRA Drama: From Heaven to Earth in a Matter of Hours

Last Friday, President Milei vigorously promoted $LIBRA via his social media account. He introduced this coin as part of the project Long live freedom, which it says aims to support small businesses and startups.

Suddenly, investors immediately scrambled to buy this coin. The price of $LIBRA also skyrocketed until the valuation touched $4.5 billion! But the euphoria only lasted a moment, within hours, the price of $LIBRA plummeted 85%, making investors panic and suffer huge losses.

Realizing the chaotic situation, Milei hurriedly withdrew her support for this project. He claims that he did not do enough research before promoting $LIBRA. However, for many, that recognition came too late—the damage had already been done.

President Milei accused of fraud, what's really going on?

It didn't take long, several lawyers of Argentina file a claim fraud against President Milei. According to them, Milei's actions in promoting $LIBRA without transparency are formative fraud that harms many people.

One of the lawyers, Jonatan Baldiviezo, said that Milei's actions were part of "illegal association to commit fraud". These charges are all the more serious because they violate Argentinian Public Ethics Law.

Not only that, there is also pressure from the opposition camp asking for it Milei was tried or even impeached! Wow, it's getting hotter, isn't it!

Who's at fault? Milei or KIP Protocol Developer?

In the midst of this chaos, a statement emerged from Hayden Mark Davis, a representative of KIP Protocol—the developer who developed the $LIBRA project. Davis took the blame mercy for the destruction of this coin.

According to Davis, initially Milei and her team supported the project, but suddenly they withdrew support and deleted all promotional posts. This sudden step, he said, making the price of $LIBRA fall freely because investor confidence immediately disappears.

However, from the government side, Milei denied his involvement in the development of this project. The Argentine Presidential Office has even requested Anti-Corruption Office to investigate this case more deeply.

So, who is really responsible? Still a mystery to be solved!

Important Lesson: Beware of Crypto Promotions!

This case is a reminder to all of us that the crypto world is full of big risk. Even when a country leader promotes a token, it doesn't mean the coin is safe to invest in.

Several things we need to learn from this case:

1. Don't easily believe promotions from celebrities or officials!: They may market something without understanding its impact.
2. Do your own research before investing: Make sure the project has strong fundamentals and not just hype.
3. Beware of “pump and dump” schemes!: Many tokens are deliberately made viral, only to be abandoned by their creators after prices soar.

Conclusion: Will Milei Get Caught in the Law?

This case is still in the legal process, and further decisions will depend on the results of the investigation. If found guilty, President Milei could face severe legal consequences.

However, if he can prove that he was just a victim of misinformation, perhaps he can escape this charge. What is clear is that this drama will continue and will attract the attention of the perpetrators crypto industry all over the world.

FAQ Pound Coin

1. What is LIBRA Coin?

Coin $LIBRA is a crypto token that was initially promoted as part of the project Long live freedom, which claims to aim to support small businesses and startups.

However, after getting support from Argentinian President Javier Milei, the price of this coin soared drastically before finally plummeting by 85%, sparking accusations of fraud and major controversy in the crypto world.

2. Why is LIBRA Coin considered a scandal?

The scandal occurred because Argentina's president promoted the coin on social media, which makes many investors interested in buying. However, within hours of the promotion, Milei withdrew its support, causing the coin's price to plummet.

Lawyers and opposition politicians allege that this action constitutes market manipulation and forms of fraud that harm many investors.

3. Can LIBRA Coin still be invested?

Currently, coins $LIBRA experienced a sharp decline, and public confidence in the project has been drastically reduced. Coin prices continue to fluctuate, but with the legal case involving the President of Argentina and the developer of this project, many consider investing in LIBRA too risky.

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References

Crypto Media, Cryptobriefing.com, accessed February 17, 2025

Author: Fkey