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Investing.com-- Argentine lawyers have filed fraud charges against President Javier Milei after he promoted a cryptocurrency on social media, only to delete the post hours later, leading to significant financial losses for investors, the Associated Press reported on Monday.
Milei’s post on X endorsed $LIBRA, a cryptocurrency he described as a tool to boost economic growth by funding small businesses and startups. However, the post was removed, and the token’s value plummeted, with financial site Dexscreener reporting millions in investor losses.
Lawyers Jonatan Baldiviezo and Marcos Zelaya, along with engineer María Eva Koutsovitis and economist Claudio Lozano, filed the complaint, alleging an illicit scheme to commit fraud, the AP report stated.
The president’s actions were essential in this, Baldiviezo told AP. The case is expected to be assigned to a judge or prosecutor soon, the report said.
Milei’s office denied any involvement in the cryptocurrency’s development, stating he deleted the post to prevent speculation. However, the administration acknowledged recent meetings with KIP Protocol, the group behind $LIBRA, according to the AP report.
KIP Protocol’s Hayden Mark Davis accused Milei of reversing his stance unexpectedly, leading to the coin’s collapse. Argentina’s Anti-Corruption Office is set to investigate further, according to AP.