# Cryptocurrency Controversy: Argentina's $Libra Scam and Presidential Implications

A swift investigation follows a massive $250 million loss among investors.

In a startling turn of events, a cryptocurrency named $Libra has become the center of a national scandal in Argentina. The digital coin, which was launched by President Javier Milei just 23 minutes before a tweet on Valentine's Day, attracted thousands of eager investors. The excitement around $Libra led to the rapid escalation of its market value, only to see it plummet dramatically, leaving nearly $250 million in losses for ordinary investors. Observers in the cryptocurrency community described the occurrence as a classic "rug-pull" scheme—where influential figures hype up a digital coin, sell their holdings at a profit, and leave later investors with worthless assets.

Critics quickly condemned the president, accusing him of orchestrating a scam against the populace. Calls for impeachment emerged from opposition parties, alongside numerous criminal complaints from frustrated Argentine citizens. In response to growing concerns, a federal prosecutor initiated an inquiry focusing on Milei’s role in the debacle.

While the fallout continued back home, President Milei attended the Conservative Political Action Conference in Washington, where he delivered a combative address. Notably, he found common cause with former President Donald Trump, who also faced backlash for promoting a failing cryptocurrency, $Trump, which similarly resulted in substantial losses for investors. The confluence of these events has ignited discussions about the ethical implications of political endorsements in the cryptocurrency market, as well as the responsibilities of leaders in safeguarding public interest.