The title should be Cryptocurrencies have become increasingly popular in recent years, with many investors looking for ways to get in on the action and make a profit. However, it is important to remember that not all cryptocurrency projects are created equal, and some may even be scams designed to fleece unsuspecting investors out of their hard-earned money. The case of Argentina President Javier Milei posting about a private project that promised to stimulate the growth of the Argentine economy by financing small businesses and entrepreneurs is one such example.

Cryptocurrencies have become increasingly popular in recent years, with many investors looking for ways to get in on the action and make a profit. However, it is important to remember that not all cryptocurrency projects are created equal, and some may even be scams designed to fleece unsuspecting investors out of their hard-earned money. The case of Argentina President Javier Milei posting about a private project that promised to stimulate the growth of the Argentine economy by financing small businesses and entrepreneurs is one such example.

According to news outlets, Milei had praised this private project on social media platform X, naming the cryptocurrency involved - $LIBRA - and providing a website for the project. However, hours later, Milei deleted the message, explaining that he did not know the details of the project and, after learning about it, decided not to continue spreading it. He also stated that he had obviously no connection with the alleged private company.

But industry observers called the operation a rug pull, where developers unveil a crypto token, attract investors, then quickly cash out. Within minutes of the launch, multiple large holders began liquidating millions of USD worth of $LIBRA, according to The Kobeissi Letter. This included gains of +$4 million or more as $LIBRA rose to $4.6 billion in market cap. After the top was set at 540 PM ET, the coin fell in a literal straight line.

Javier Smaldone, a computer scientist and digital influencer known for his denunciation of pyramid schemes, called the short-lived operation a global scam in a post on X. So far, it has been discovered that the profit made is around $107 million, he told AFP. Maybe more.

On Saturday, former president and opposition figure Cristina Kirchner called Milei a crypto-scammer. Maximiliano Ferraro of the center-right Civic Coalition said Parliament must create a special inquiry commission to clarify the facts and determine responsibility.

It appeared Milei was preparing to defend himself. 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.

Edward Lance Arellano Lorilla

CEO / Co-Founder

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