Argentine lawyers allege President Milei committed fraud when promoting cryptocurrency

Lawyers in Argentina over the weekend filed charges against President Javier Milei, alleging that he committed fraud by promoting a cryptocurrency on social media.

On Feb. 14, Milei posted on X about a cryptocurrency called $LIBRA, which he said would encourage "economic growth by funding small businesses and startups.”

The value of the currency collapsed, resulting in Milei deleting his promotion of the app. The President’s Office said Saturday was not involved in the development of the coin at any point.

“Within this illicit association, the crime of fraud was committed, in which the president’s actions were essential,” lawyer Jonatan Baldiviezo said in an interview with The Associated Press.

Plaintiffs in the case against Milei argue that the president conducted a “rug pull.” This means when a developer in the crypto world endorses a coin to get investors to invest, but then pulls out as soon as the funds become overpriced.

In response to the situation, Milei said he didn't know anything about the worth of the cryptocurrency.

“I was not aware of the details of the project, and after getting informed, I decided not to continue promoting it (which is why I deleted the tweet)," he said.