Argentina’s Shocking Move Revolutionizes Crypto Controversies Amid Quixotic Concerns

Argentina Sets Up Committee to Investigate Milei’s Link to $LIBRA Crypto Scandal

On Tuesday, Argentina’s Chamber of Deputies approved three proposals aimed at establishing a special commission to investigate the LIBRA memecoin scandal. The controversy has been under scrutiny by President Javier Milei’s administration since February.

Initially, the Libertarian President publicly praised the LIBRA memecoin as a private initiative intended to boost Argentina’s economy by supporting small businesses. However, he later deleted the post after the coin’s value plummeted by 90% in just two hours. Experts have labeled this project as a “rug pull,” a scam where creators artificially inflate a crypto token’s value before quickly cashing it out.

The scandal has raised concerns about Milei’s potential involvement and whether he allowed the alleged fraudulent activity to occur under his watch. The President had previously met with individuals involved in the coin’s launch, including businessmen from the US, Singapore, and Argentina, who are currently being investigated by local and foreign courts.

Milei had also claimed that Hayden Davis, the creator of LIBRA, was an advisor to the government. However, Davis accused Milei of “betrayal” for deleting his posts and has since been vocal about the President’s alleged involvement in the scandal.

The approved proposals will establish a special commission to investigate the matter further. The committee aims to uncover the truth behind the scandal, assess any potential damage caused to Argentina’s economy, and determine whether the government was involved or not.

Source: https://coinpedia.org/news/argentina-sets-up-committee-to-investigate-mileis-link-to-libra-crypto-scandal/