Argentine President Javier Milei faces fraud charges over his promotion of the LIBRA cryptocurrency, which soared above $4 billion market cap minutes after launching on Friday before crashing spectacularly just hours later.
The charges, filed Sunday in an Argentine criminal court, were brought by attorneys and political opponents of Milei, including former head of the Argentine Central Bank Claudio Lozano, according to the Associated Press.
The complaint alleges that the team behind the LIBRA cryptocurrency—a cryptocurrency investment company known as Kelsier Ventures and its CEO Hayden Davis—committed “an indeterminate number of frauds” with Milei’s involvement.
“Within this illicit association, the crime of fraud was committed, in which the president’s actions were essential,” Jonatan Baldiviezo, a lawyer and one of the plaintiffs, told the AP.
Milei originally promoted the LIBRA token on his X account late Friday along with a link to the Viva La Libertad Project website. “This private project will be dedicated to encouraging the growth of the Argentine economy by funding small Argentine businesses and startups,” Milei said in a since-deleted post.
The Argentine president’s post sent shockwaves across the crypto industry, reminiscent of US President Do…
