Dozens of criminal complaints are piling up against Argentina’s libertarian President Javier Milei after his cryptocurrency endorsement sparked a multi-billion dollar market frenzy—and subsequent collapse.
The LIBRA token fiasco has morphed into a full-blown scandal, with a federal prosecutor now investigating Milei’s potential role in what critics are calling a massive pump-and-dump scheme.
Milei, who took office in December 2023 amid Argentina’s staggering 211% inflation rate, shared a post on X enthusiastically backing the LIBRA memecoin on February 14, 2025. The token’s value skyrocketed 3,000% after his endorsement, hitting $5 per token with a market cap exceeding $4 billion.
Then—poof!—$4.4 billion vanished within hours as prices crashed.
In an instant, billions evaporated like morning dew as the crypto house of cards came tumbling down.
The president’s response? Delete the post after five hours and plead ignorance. “I didn’t know the details,” he claimed, while insisting he wasn’t promoting cryptocurrency. Seriously? The guy compared investing to casino gambling after people lost millions. Talk about leadership.
Behind the scenes, a tangled web emerges. Hayden Davis, CEO of Kelsier Ventures, along with his brother Gideon and father Tom, allegedly profited handsomely from the token’s brief rise. An Argentine crypto entrepreneur reportedly introduced Davis to Milei before the launch.
The political fallout has been swift and brutal. Over 100 criminal complaints have been filed, with opposition parties launching impeachment proceedings. His administration has already faced massive protests across 150 cities following his controversial comments at the World Economic Forum in Davos. This scandal further compounds his governance struggles, as his combative political approach has already intensified polarization and hindered his ability to build legislative coalitions. A former president branded Milei a “crypto-scammer,” while a U.S. law firm is already hunting for affected investors to represent.
All this while Argentina’s economy remains in critical condition. Milei inherited a 1.6% recession and 45% poverty rate, implementing controversial cuts to social benefits and subsidies.
His promised economic overhaul now takes a backseat to defending himself against potential fraud charges.
The judge will soon decide whether Argentina’s inflation-fighting president becomes the world’s first head of state charged with crypto fraud. Not exactly the libertarian revolution his supporters signed up for.
