Latest news with #$LIBRA
The Sun
21-05-2025
- Business
- The Sun
Argentina dissolves commission that probed Milei crypto affair
BUENOS AIRES: The Argentine government on Tuesday dissolved a commission it said had completed its mission of probing a suspected scam with a cryptocurrency that soared, then crashed, after it was backed by President Javier Milei. Investors lost hundreds of millions of dollars on the $LIBRA meme coin that Milei hailed in a social media post in February, saying: 'The world wants to invest in Argentina. $LIBRA.' Industry experts have called the operation a 'rug pull' -- a scam where developers unveil a crypto token, attract investors, then quickly cash out. $LIBRA went from boom to bust in the space of a day, but Milei later claimed he 'did not know the details of the project.' The presidency itself set up a commission to investigate the matter. On Tuesday, in a notice published in the official gazette, the government said the commission was being dissolved after 'having fulfilled the task assigned to it.' Its task had been to gather information from Argentina's National Securities Commission, Central Bank and other agencies to be submitted to the office of the chief prosecutor. The notice did not specify what, if any evidence, the commission had found. In April, Argentina's Congress set up a parliamentary inquiry into the matter, and summoned the economy and justice ministers to testify, though both excused themselves. A judge tasked with investigating Milei's connection to $LIBRA in yet another probe ordered the Central Bank last week to provide information about banking operations by the president and his sister Karina Milei, who is also general secretary of the presidency.
The Sun
21-05-2025
- Business
- The Sun
Argentina Ends Probe Into $LIBRA Crypto Scam Scandal
BUENOS AIRES: The Argentine government on Tuesday dissolved a commission it said had completed its mission of probing a suspected scam with a cryptocurrency that soared, then crashed, after it was backed by President Javier Milei. Investors lost hundreds of millions of dollars on the $LIBRA meme coin that Milei hailed in a social media post in February, saying: 'The world wants to invest in Argentina. $LIBRA.' Industry experts have called the operation a 'rug pull' -- a scam where developers unveil a crypto token, attract investors, then quickly cash out. $LIBRA went from boom to bust in the space of a day, but Milei later claimed he 'did not know the details of the project.' The presidency itself set up a commission to investigate the matter. On Tuesday, in a notice published in the official gazette, the government said the commission was being dissolved after 'having fulfilled the task assigned to it.' Its task had been to gather information from Argentina's National Securities Commission, Central Bank and other agencies to be submitted to the office of the chief prosecutor. The notice did not specify what, if any evidence, the commission had found. In April, Argentina's Congress set up a parliamentary inquiry into the matter, and summoned the economy and justice ministers to testify, though both excused themselves. A judge tasked with investigating Milei's connection to $LIBRA in yet another probe ordered the Central Bank last week to provide information about banking operations by the president and his sister Karina Milei, who is also general secretary of the presidency.
eNCA
09-05-2025
- Business
- eNCA
Bitcoin tops $100,000 for first time since February
LONDON - Bitcoin on Thursday topped $100,000 for the first time since February, as investors' appetite for riskier assets grew after Britain and the United States unveiled a trade deal. "Now that the United States appears more reasonable and concludes agreements with other countries, cryptocurrencies are on the rise again," said Stephane Ifrah, analyst at crypto platform Coinhouse. Bitcoin broke through the symbolic $100,000 threshold for the first time in December, reaching $109,241.11 on January 20 just a few hours before the inauguration of US President Donald Trump. The Republican leader vowed to support cryptocurrencies during his campaign for a second White House term. But a wave of US tariffs unleashed on countries around the world dampened financial markets, causing a wave of uncertainty. Even though they were not directly concerned by the Trump tariffs, cryptocurrencies have a reputation for volatility and investors swiftly fled for safer havens such as gold. The sector has also been dealt several blows amid scandals such as the collapse of the cryptocurrency $LIBRA, once backed by Argentine President Javier Milei. The price collapsed after a handful of early investors decided to sell at a huge profit, causing colossal losses for the majority of those who purchased $LIBRA. It also dragged down prices of other cryptocurrencies, including bitcoin. Argentine prosecutors are reportedly examining whether Milei engaged in fraud or criminal association, or was in breach of his duties, when he praised the $LIBRA cryptocurrency on social media in February. Also in February, Dubai-based cryptocurrency exchange Bybit reported that hackers stole $1.5 billion worth of digital assets in what marked the largest crypto theft in industry history. In early April, bitcoin dropped to $75,000. "Bitcoin is strong in line with the stock market," said Charlie Morris, analyst with ByteTree. "The UK trade deal is one good reason to be bullish because many more trade deals are likely to follow."
Yahoo
09-04-2025
- Business
- Yahoo
Argentine Congress backs inquiry into Milei crypto scandal
Argentina's Congress on Tuesday backed the creation of a commission of inquiry into a cryptocurrency promoted by President Javier Milei that soared then crashed, losing investors hundreds of millions of dollars. The libertarian president hailed the $LIBRA meme coin as a "private project" aimed at "stimulating the growth of the Argentine economy, by financing small businesses and Argentine entrepreneurs." "The world wants to invest in Argentina. $LIBRA," he wrote on the social network X on February 14, in a post he deleted hours later after the currency crashed. Industry experts have called the operation a "rug pull" -- a scam where developers unveil a crypto token, attract investors, then quickly cash out. $LIBRA went from boom to bust all in the space of a day. After Milei's apparent thumbs-up, it soared in value but then plummeted 90 percent within two hours. Milei later claimed he "did not know the details of the project." On Tuesday, the lower house voted by 128 members in favor to 93 against and seven abstentions to launch an inquiry into the currency, which moved more than $4.5 billion and caused investors to lose approximately $250 million. MPs also approved a resolution to summon Economy Minister Luis Caputo and Justice Minister Mariano Cuneo Libarona, among other senior officials, to testify over the affair. A judge has been tasked with investigating Milei's connection to $LIBRA amid allegations that he was complicit in fraud, consorted with criminals or was in breach of his duties. mry/lm/cb/sla/bjt
Yahoo
25-02-2025
- Business
- Yahoo
Javier Milei's Crypto Scandal
On February 14, Argentine President Javier Milei shared a link on X promoting a cryptocurrency called $LIBRA. The project, he claimed, will help "foster the growth of the Argentine economy by funding small companies and ventures." Almost immediately, his followers raised the alarm: 84 percent of the crypto's stock was owned by just three wallets, leading many to suspect a "rug pull" scheme—a scam in which a token's value is inflated through celebrity endorsement, only for the original developers to then withdraw all liquidity, leaving the investors with a worthless asset. Just two hours after Milei's post, $LIBRA acquired around 40,000 investors and its price rose by 1,300 percent. Then, as many predicted, the developers sold all the tokens they retained, crushing its value, and walking away with roughly $113 million. Three out of four investors lost money, with some losing up to $5 million. Not long after, Milei deleted his original posts, claiming he "wasn't acquainted with the details of the project" and "obviously has no connection" to it. He clarified that his accounts hadn't been hacked, as some had speculated. Milei was left with two options: admit he had been deceived or acknowledge that he had willfully participated in a scam. He chose the former, framing the endorsement as an honest mistake. Sensing an opportunity, the Peronist Left called for impeachment proceedings, while others filed criminal charges against the president. But the Peronists are fragmented and leaderless: Their key figures are widely unpopular, and none are willing to pick a fight with Milei and capitalize on the scandal. Meanwhile, the centrist parties that occasionally collaborate with Milei introduced a Senate bill to create a special investigative committee. But the bill was struck down by the same senators who proposed it, many of whom remain uncertain whether to align with or oppose a president who shares their voter base and who is leading a painful but necessary economic recovery. The opposition has remained disoriented since Milei assumed office a little over a year ago. Their lack of a viable alternative, combined with Argentina's economic performance under Milei's liberalizing reforms, has allowed the president to maintain unprecedented popular support. Since his inauguration, Milei has held a net positive approval rating of between 52 and 60 percent, as inflation reaches new monthly lows, the exchange rate remains stable, and the country exits recession. Despite the $LIBRA scandal, Argentina's stock market and international credit ratings remained steady. Milei's party, La Libertad Avanza, is even expecting legislative gains in October, which would allow it to fast-track its reform agenda. Still, the crypto scandal suggests that Milei's administration may have grown too comfortable. For the first time, his team was on the defensive, facing substantial criticism—even from within his own administration. Hayden Davis, one of $LIBRA's developers, insisted that Milei himself hadn't profited from the token. But that only raised deeper questions: How did this happen, and who was behind it? In a February 17 interview, Milei admitted he's "still not used to the idea of being president," that it's too easy to approach him, and that he'll need to "erect walls" to filter out fraudsters and prevent future blunders. Former President Mauricio Macri, who chairs the Republican Proposition party, one of Milei's key parliamentary allies, claimed that "President [Milei] is badly advised and not taken care of." Macri has long accused the president's advisers of being unserious and immature. In the end, the scandal barely dented Milei's popularity—his approval rating dropped just four points. The limited fallout can be attributed to two factors: most of those affected by the scam were outside Argentina, and the incident pales in comparison to the corruption scandals surrounding Milei's rivals. The charge against Milei is being led by two former Peronist presidents: Cristina Kirchner, who faces two corruption sentences, and Alberto Fernández, who was recently indicted for physically assaulting his wife. Yet the public remains divided. While 39.5 percent of Milei's supporters believe he made an earnest mistake, 49 percent think he acted deliberately. Meanwhile, 77 percent—including 60 percent of his own supporters—believe the incident warrants an investigation. This suggests that Argentines are willing to forgive Milei, but only if he demonstrates accountability and listens when supporters warn him of potential dangers—as they did when he first met with Hayden Davis back in January. In response to the scandal, the president launched an internal investigation led by the presidency's Anti-Corruption Office. Many believe Milei should reevaluate who's in his inner circle, although he's reticent to do this. It will depend on what information emerges as to who persuaded him to endorse the cryptocurrency. Rumors already point to his tech advisor, Mauricio Novelli, and to others close to the president, including his sister and personal secretary, Karina Milei. In weathering his first major political storm, Milei faces a critical test of leadership. He now has an opportunity to prove that his opponents have underestimated him, that he can regain control of the narrative, show accountability, and set himself apart from the corrupt practices of Argentina's political establishment. If not, he will have to lay low for a while to protect his people, and salvage his reputation by leaning more on his economic technocrats and moderate allies. The post Javier Milei's Crypto Scandal appeared first on
