Source: Cointelegraph Original: "{title}"
Argentinian congress members support an investigation into President Javier Milei's alleged involvement in the Libra cryptocurrency scandal.
According to local news media Buenos Aires Times on Tuesday (April 8), the House of Representatives passed the bill with 128 votes in favor, 93 against, and 7 abstentions. A similar proposal had previously failed to pass in the Senate.
Recent disclosures show that Milei had publicly promoted the LIBRA meme coin on social media. The Argentinian president leveraged the credibility of his government officials and the influence of his 3.8 million followers to drive the token's price to soar to $5, with its market cap briefly reaching $4 billion. Following the incident, Milei faces multiple allegations of misconduct. Critics claim that LIBRA is essentially a "rug pull" scam, accusing him of luring investors into participating. Former Central Bank of Argentina president Claudio Lozano, along with lawyer Jonatan Baldiviez, engineer María Eva Koutsovitis, and economist Marcos Zelaya, have filed a fraud lawsuit against Milei.
A disaster triggered by the president
According to Baldiviezo, Milei's rise played a significant role in the "illegal connections" with cryptocurrency promoters. The non-governmental organization "Observatorio del Derecho a la Ciudad" shares similar concerns and has filed a lawsuit, accusing the president of promoting a scheme that allegedly caused over 40,000 investors to lose more than $4 billion.
Onchain data from February indicated that investors suffered a total loss of $251 million in the LIBRA meme coin pump-and-dump scheme. Blockchain data shows that among 15,430 wallets with losses exceeding $1,000, over 86% sold at a loss, totaling $251 million in losses.
Despite ample evidence of his promotional activities on social media, Milei denied promoting LIBRA in mid-February. He stated at the time:
"I did not promote it; I just spread the news."
Exposed family dealings
Reports indicate that one of the controversial LIBRA cryptocurrency token creators sent a text message boasting that he could pay Argentinian President Milei's sister in exchange for the president sharing details about the meme coin on social media. According to reports from February, Hayden Davis, associated with the project, messaged an executive at a cryptocurrency investment firm claiming he could pay Karina Milei to "control" the Argentinian president:
"We can also get Milei to tweet, meet in person, and promote it. I pay his sister, and he will do as I say, follow my orders."
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