Argentina's President Accused of Participation in Libra Cryptocurrency Fraud
Date: 2025-11-24 Author: Oliver Abernathy Categories: IN WORLD
The Investigative Committee of Argentina's Chamber of Deputies has published a report alleging that President Javier Miley may have been a key player in the Libra cryptocurrency saga. According to the report, the scheme involved presidential support for the project, a surge in investors, and the subsequent withdrawal of liquidity from pools, leading to significant losses for users. In total, more than 114,000 people were affected.
The report emphasizes that the project's problems were not limited to weak oversight. The committee suspects an intent to circumvent official regulatory mechanisms. According to its findings, President Javier Miley's tweet on X's personal account triggered a massive surge in buyers. Following the tweet, eight wallets associated with the project reportedly withdrew approximately $107 million.
Politician Juan Marino noted that exploiting his presidential status led to a significant increase in interest in the token. Miley himself denies any involvement and disbanded the internal team investigating his ties to Libra after a court demanded the disclosure of his and his sister Karina's bank accounts.
The report highlights that the administration may have circumvented the Securities and Exchange Commission (CNV) by supporting projects in the initial stages and then withdrawing liquidity, causing a sharp price drop. The document also notes that Libra is not an isolated case, and that a similar scheme has been observed with the KIP token.
In light of these events, the Argentine National Congress has been called upon to investigate possible violations by the president in promoting cryptocurrency projects. The results of the investigation could form the basis for legal proceedings against Miley, the Libra developers, and several associated individuals.
This incident once again draws attention to the risks associated with cryptocurrencies and the influence of political figures on the market. Despite the high profit potential, participants in such projects often face loss of funds due to insufficient oversight and the potential circumvention of legal procedures.
The events surrounding Libra highlight the need for thorough vetting of projects, as well as careful scrutiny of the actions of influential and powerful individuals capable of triggering a massive influx of investors. Argentina's experience could serve as a warning to other countries seeking to regulate cryptocurrency initiatives and protect the interests of market participants.
