tl;dr
Argentine President Javier Milei reposted a tutorial on purchasing the LIBRA token on the social platform X, sparking renewed controversy. This follows his initial promotion and subsequent retraction of the token due to insiders cashing out over $100 million. Despite previous withdrawal, Milei repos...
Argentine President Milei reposts LIBRA purchase tutorial, reigniting controversy
LIBRA token experiences temporary 60% price surge after repost, triggering new wave of price manipulation
Intensified scrutiny and investigations into LIBRA token controversy involving Milei and others
Milei and David address accusations, denying any wrongdoing
LIBRA token scandal remains a significant political and financial flashpoint in Argentina
Argentine President Javier Milei reposted a tutorial on purchasing the LIBRA token on the social platform X, sparking renewed controversy. This follows his initial promotion and subsequent retraction of the token due to insiders cashing out over $100 million. Despite previous withdrawal, Milei reposted a tutorial outlining the steps to purchase the LIBRA token, triggering a 60% price surge followed by a dip to $0.35.
The controversy has led to an investigation by Argentina's Anti-Corruption Office and over 100 criminal complaints against Milei and associated parties, with opposition lawmakers pushing for impeachment. US prosecutors are also considering charges.
Despite mounting criticism, both Milei and the CEO of Kelsier Ventures, the main entity behind LIBRA, continue to defend their actions. The scandal remains a significant political and financial flashpoint in Argentina.
Argentine President Javier Milei has reignited the LIBRA token controversy by reposting a tutorial on purchasing the LIBRA token on the social platform X (formerly Twitter).
Earlier, Milei claimed he was unaware of the project’s details and deleted his initial post after learning more. Despite his prior withdrawal, Milei reposted a tutorial from an X user.
The tutorial outlined five steps to purchase the LIBRA token and mentioned that the process would take about 2 hours. However, the original creator of the tweet added a clarification, which was again reposted by Milei, emphasizing that the post’s sole purpose was to highlight the difficulty for an average person to buy into this meme coin, not to endorse or recommend it.
Nevertheless, after Milei’s repost, the LIBRA token experienced a dramatic 60% price surge. Yet, the gains were temporary and LIBRA dipped shortly after, trading at $0.35.
The brief uptick triggered a new wave of price manipulation, with one X user pointing out the same individual who profited from the initial pump and dump of LIBRA was at it again, netting a quick profit of $496,837 in just 47 minutes.
Data from Lookonchain further revealed that the wallet "goofyahh.sol" spent $5 million in USDC to buy 10.4 million LIBRA tokens, with an unrealized profit of $2.8 million. Shortly after, the same wallet sold off its holdings, making around $497,000 in profit.
The controversy surrounding the LIBRA token has intensified scrutiny on Milei and others involved. Argentina’s Anti-Corruption Office (OA) has launched an investigation into the matter. Additionally, over 100 criminal complaints have been filed against Milei and associated parties. Opposition lawmakers are even pushing for impeachment.
US prosecutors are reportedly considering charges due to the involvement of American Hayden Davis, the CEO of Kelsier Ventures, identified as the main entity behind the LIBRA meme coin.
Despite mounting criticism, both Davis and Milei continue to defend their actions. Davis addressed the token’s crash in an interview, stating that labeling the LIBRA token as a rug pull is objectively inaccurate. Milei also continues to deny any wrongdoing, claiming he merely shared information he believed could benefit Argentine entrepreneurs.
As investigations and legal actions progress, the LIBRA token scandal remains a significant political and financial flashpoint in Argentina.