According to news outlets, the libertarian Milei had posted a message on social media platform X Friday evening, praising a “private project” aimed at “stimulating the growth of the Argentine economy, by financing small businesses and Argentine entrepreneurs.”
Hours later, Milei deleted the message, explaining: “I did not know the details of the project and after learning about it, I decided not to continue spreading it.”
But industry observers called the operation a “rug pull” -- a scam where developers unveil a crypto token, attract investors, then quickly cash out.
“This included gains of +$4 million or more as $LIBRA rose to $4.6 billion in market cap. After the top was set at 5:40 PM ET, the coin fell in a literal straight-line.”
“So far, it has been discovered that the profit made is around $107 million,“ he told AFP. “Maybe more.”
Maximiliano Ferraro, of the center-right Civic Coalition, said Parliament must create a “special inquiry commission” to “clarify the facts and determine responsibility.”
Francisco Onato, identified in local media as Milei's personal lawyer, posted on X that the president merely highlighted a company to boost Argentina's economy.
His behavior “does not constitute any crime, due to the lack of intention,“ he argued.
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