"The president presumably provided indispensable cooperation for carrying out the scheme, concludes the report by the investigative committee created by the Argentine Congress to analyze the alleged fraud involving the cryptocurrency $Libra and the role of Javier Milei in the events. The document also states that Parliament must evaluate whether the president committed poor performance in the exercise of his duties."
"On February 14, Milei published on his social media accounts a call to invest in $Libra, at the exact moment the cryptocurrency was being launched to the market. Along with the link to buy the digital asset, he wrote: This private project will be dedicated to stimulating the growth of the Argentine economy by funding small Argentine businesses and ventures."
"The creators of the cryptocurrency or other related operators bought $Libra at a low price and, after Milei's announcement boosted demand, sold it at a much higher price. The mass sell-off by its main holders caused the value of $Libra to collapse abruptly. A total of 114,410 virtual wallets suffered losses from the scheme; 498 lost more than $100,000, and 3,144 lost between $10,000 and $100,000, according to the statement endorsed by legislator"
An investigative committee created by the Argentine Congress concluded the president provided indispensable cooperation in a scheme that promoted the cryptocurrency $Libra and benefited a group with privileged information. The committee recommended that Parliament evaluate whether the president committed poor performance in his duties. The promotion occurred on February 14 when the president urged investment at the asset's launch and claimed it would fund small Argentine businesses. $Libra functioned as a memecoin designed for a rug pull: creators bought cheaply, sold after the promotion, and caused an abrupt collapse. About 114,410 wallets suffered losses, including hundreds of large, six‑figure losses.
Read at english.elpais.com
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