- Javier Milei’s midterm celebration marred by $LIBRA scandal.
- $LIBRA’s rapid decline caused significant losses for investors.
- Legal investigations are underway against key figures in $LIBRA.
Javier Milei’s victory in Argentina’s 2025 elections faces scrutiny due to the widening $LIBRA cryptocurrency scandal impacting investors and political figures in Buenos Aires.
The incident raises concerns over political involvement in crypto, impacting market trust and prompting regulatory scrutiny amid significant financial losses.
Lede Argentina’s President Javier Milei recently celebrated a 2025 midterm triumph, but the event is overshadowed by the deepening $LIBRA scandal. This involves political actors and substantial cryptocurrency losses.
“I was merely disseminating information about the project, not managing or promoting it” — Javier Milei, President of Argentina
Main Content
Nut Graph Milei promoted $LIBRA on his official social media accounts shortly after its deployment, describing it as a project intending to stimulate economic growth. Later, he denied direct involvement in managing or deploying the project.
Financial Losses and Legal Repercussions
The community and investors faced significant financial losses as $LIBRA’s price skyrocketed then plummeted shortly after promotion. The Solana blockchain saw major liquidity drains as a result. Estimated losses reached $251 million, affecting 74,000 participants. The incident prompted over 100 criminal fraud complaints, highlighting possible political and legal repercussions in three countries.
Broader Impacts and Future Implications
$LIBRA’s fallout especially impacted the Solana ecosystem, yet no major effects have been observed on BTC or ETH. Initial liquidity was primarily driven by retail speculation post-political endorsement. Potential regulatory outcomes might influence how politically endorsed projects are perceived. Past meme coin incidents show similar patterns, though the involvement of national leadership makes this case particularly notable.
