AP Reports That Javier Milei Faces Allegations in Argentina Related to LIBRA.

Argentina’s President, Javier Milei, is under legal scrutiny over the collapse of the Libra token, with accusations of fraud emerging following the token’s sharp decline in value after he removed posts endorsing it, as reported by the Associated Press.

The lawsuit claims that Milei’s deletion of his social media posts, which had supported the Libra token, directly led to its dramatic drop in value, effectively ‘rug-pulling’ investors. In response, Milei’s office has stated that the president was not aware of the specifics of the token’s development and that his posts were simply a part of his usual routine of promoting local projects to attract investment and create jobs in Argentina.

A spokesperson for Milei clarified: “The President shared the announcement for KIP Protocol’s project as he does with many other entrepreneurs launching initiatives in Argentina.” They emphasized that Milei had only met with the project’s team at his office and did not play a role in the project’s operation.

Though Milei has not been officially charged, the Argentine judiciary will meet on Monday to decide whether to pursue the case further. Meanwhile, blockchain analysts have raised concerns that the team behind Libra may be linked to the Melania token due to the matching wallet addresses identified in both projects.