Argentina's President Caught in Court Over LIBRA Crash
Date: 2025-02-18 Author: Henry Casey Categories: IN WORLD
A cryptocurrency advocacy group has filed a lawsuit against Argentina's President Javier Miley, accusing him of allegedly colluding in a fraudulent scheme. The lawsuit stems from his public support for KIP Protocol and its LIBRA token on social media. The lawyers say these actions may have contributed to the misleading of a wide range of investors.
"The president played a key role in this fraud," one of the plaintiffs' lawyers told the Associated Press.
The collapse of the LIBRA token happened quickly, with its value plummeting 94% in a matter of hours. The reason was the massive withdrawal of liquidity by insiders, as a result of which about $107 million disappeared from the market.
Hayden Mark Davis, a representative of KIP Protocol, accused President Miley and his entourage of changing their position on the project. According to him, the authorities initially expressed support for the LIBRA token, and then suddenly refused it, deleting all publications, which provoked panic among investors and led to the collapse of the project.
The presidential administration rejected the accusations, stating that support for business and investment initiatives is a standard practice aimed at attracting capital to the country. Officials confirmed the fact of meetings between KIP Protocol representatives and Miley, but emphasized that anti-corruption agencies have already begun an investigation into the circumstances of these meetings.
Opposition forces, in turn, do not rule out the possibility of impeachment of the president if his involvement in the LIBRA scandal is proven.
