Argentine President Javier Milei Faces Legal and Political Fallout Over $Libra Cryptocurrency Scandal

Milei's promotion of the now-collapsed $Libra memecoin has led to accusations of fraud, impeachment threats, and questions about his administration's ties to key figures behind the project.

President Milei endorsed $Libra, a Solana-based cryptocurrency, which surged to a $4 billion valuation before crashing by over 80%, leaving many investors with significant losses.
Milei deleted his promotional post, claiming he was unaware of the project's details and stating that crypto investments are inherently risky, likening them to a 'casino.'
Legal complaints in both Argentina and the U.S. accuse Milei and the companies behind $Libra of fraud and violating securities laws, with potential ties to his inner circle under scrutiny.
Key figures involved in $Libra include Julian Peh, Hayden Davis, Mauricio Novelli, and Manuel Godoy, with allegations of financial influence over Milei's administration emerging.
The political repercussions include impeachment motions, criticism from allies and opposition figures, and a damaged public image of Milei as a financial expert.