Argentinian President Denies Promoting LIBRA Rug Pull Token

Bittime - Argentina's President, Javier Milei, recently clarified the controversy surrounding his tweet about the meme token LIBRA. In an exclusive interview with Todo Noticias, Milei emphasized that although he shared information regarding the token, he did not promote or advise the public to invest in it. 

This follows a major incident where LIBRA experienced a sharp price drop, known as a "rug pull" after a number of parties cashed out profits of more than $100 million.

Milei: "I'm Not Promoting LIBRA, Just Spreading Information"

Milei explained that the tweet he made on February 14, 2024, which mentioned LIBRA, was only intended to spread information regarding the newly launched technology project, as he usually does with various other projects. 

“I spread this information like I spread hundreds of other pieces of information. "My tweet appeared only three minutes after the token was created, because I was very interested in this new technology," said Milei.

The president also explained that he is not an expert in crypto and is only sharing information regarding the token based on personal interest in the technology. However, after seeing negative reactions from the public, Milei decided to delete the tweet in response to growing concerns.

Also read: Promote LIBRA Coin: Argentinian President Accused of Fraud!

Milei's relationship with LIBRA CEO, Hayden Davis

Milei also revealed that he met Hayden Davis, CEO of Kelsier Ventures who was involved in the creation of LIBRA, in October 2024 at the Argentina Tech Forum. Davis claims to be Milei's advisor on this project. Milei added that meetings with Davis took place several times after the forum, even at the President's official residence, Quinta de Olivos. 

Milei revealed that Davis presented the idea of ​​funding Argentinian entrepreneurial projects using crypto technology, which made him interested in sharing information about LIBRA.

Milei Claims Only a Few Argentines Have Lost Money

Milei also clarified that in his opinion, only a few Argentines experienced major losses due to the LIBRA rug pull. He explained that the majority of investors involved came from outside Argentina, especially from the United States and China. “Is the country losing money? No. Are Argentines losing money? Maybe only four or five people,” said Milei, referring to the small number of people involved in LIBRA trading.

Milei believes that most of the people who invest are traders who are experienced in the volatility of the crypto market. He emphasized that these investors know very well the risks they face in investing in crypto.

Milei Takes Lessons from the LIBRA Scandal

In the midst of this controversy, Milei admitted that this incident was a valuable experience for her. “This is a slap in the face,” he said, stressing that he needed to be more careful about sharing information with the public. Milei also stated that she will start to be more selective about who can access her for further discussion or information.

Milei revealed that he did not intend to deceive the public and that the actions he took were out of good intentions to support technological innovation that could benefit Argentina, especially entrepreneurs who lack access to traditional capital.

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Investigation and Legal Implications

After this incident, more than 100 criminal complaints were filed against Milei and related parties in the LIBRA scandal. Several parties, including opposition legislators, expressed their intention to push for Milei's impeachment. However, the President of Argentina has repeatedly emphasized that no members of the government were involved in this incident.

Furthermore, Milei instructed the Argentine Anti-Corruption Office to investigate whether there were any criminal acts committed by government officials regarding the promotion of LIBRA. He also emphasized that all transactions in the crypto market are recorded on the blockchain, which should ease the investigation process by authorities.

Conclusion

The LIBRA scandal involving President Milei shows the importance of caution in sharing information about new projects in the crypto world. Although Milei claims that her goal is to spread information about an interesting technology, this incident provides a valuable lesson regarding the risks that exist in the world of crypto. Milei has now vowed to be more selective in sharing information and to distance herself from projects that are not well-tested.

FAQ

What is the LIBRA token promoted by President Milei? 

LIBRA is a meme token launched in the crypto market which was initially supported by President Milei. After launch, the token experienced a sharp price drop that caused losses for some investors.

Why did President Milei delete her tweet about LIBRA? 

Milei deleted the tweet after seeing negative reactions from the public, including concerns that her tweet caused confusion or loss for some investors.

Is there any government involved in the LIBRA scandal? 

President Milei confirmed that no member of the government was involved in the LIBRA scandal and has requested further investigation by the relevant authorities.

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Reference

Beincrypto, President Milei Denies Promoting LIBRA, Says Most Victims Were American and Chinese, accessed 18 February 2025.

Author: MF