Libra, the memecoin revealed to be a scam and directly promoted by the President of Argentina, Javier Milei, continues to cause more scandal. From what has emerged, the project team is in contact with other countries to launch new memecoin scams, including Nigeria.
Argentina: the scandal of the memecoin scam Libra promoted by President Javier Milei
In recent days, there has been nothing but talk about the scandal concerning the memecoin scam of Libra, which was also promoted by the President of Argentina, Javier Milei.
In fact, it seems that Milei had reposted on X the tutorial on how to purchase the token, only to delete the tweet afterwards. This sharing goes against what Milei had previously stated, which was not wanting to spread messages about the memecoin scam anymore.
In practice, after its message, LIBRA achieved strong success in the first hour of trading, reaching a capitalization of over 4.4 billion dollars. However, in a short time, its value literally collapsed, losing up to -97% as buyers realized they had fallen into a true scam.
Within a few minutes, Milei deleted his tweet, pretending that nothing had ever happened. In reality, thanks to this less than transparent move, the President would have taken home a millionaire fortune, earning money on the backs of his own followers.
With this move, the opposition now says it is ready to push forward an impeachment attempt against Milei. Meanwhile, Bruwick Law and other law firms have announced their intention to initiate class action lawsuits against the Argentine President.
Argentina and President Milei’s Response to the Libra Scam Scandal
The Argentine President, in his defense, spoke in a television interview, stating the following:
Milei: I didn’t promote it, I shared it. “I acted in good faith and took a hit. Did the State lose money? No. Did the Argentinians lose money? Maybe four or five at most. The vast majority of investors are Chinese and American. I shared this news in the same way I have shared hundreds of things. My tweet came just three minutes after the creation of the currency because I am passionate about these things and I discovered it. These are bull and bear traders who knew what they were doing.”
“[Hayden Davis] proposed creating a structure to finance entrepreneurs who, due to informality, have no access to funding. When Libra went public, I helped spread the news.”
“It is false that 44,000 people were affected, at most there are 5,000. The chances of Argentinians being involved are very slim. These are highly specialized people in this type of financial instruments. Those who were involved knew the risks very well: they are volatility traders. This is a private matter between individuals, who participated voluntarily. I did not promote it, I shared it. I did it because I am an irreducible technoptimist. Any initiative that improves funding for tech entrepreneurs interests me. I did not make mistakes because I acted in good faith. But when I look at the political repercussions, I realize that I have something to learn. I must understand that, after becoming president, I continued to behave like the same Javier Milei as before. Unfortunately, this situation shows me that I must raise the filters and not make myself so accessible.”
The project team and its expansion in Nigeria and other countries
Another piece of news regarding Libra is that it seems the team behind the memecoin was planning to expand into Nigeria and other countries.
From what has emerged, the team behind Libra was already developing a similar project with the Nigerian authorities, which, however, might not go through due to this scandal.
At the moment, it is not possible to state that the Nigerian president, Bola Tinubu, was directly involved, but it certainly seems that the exchanges involved members of his team.
Not only that, in addition to Nigeria, other states have also been contacted for the launch of memecoin.