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Argentine President Accused of Fraud Over Cryptocurrency Promotion

In Argentina, lawyers have filed a legal complaint against President Javier Millay, accusing him of fraud by promoting the cryptocurrency $LIBRA on social networks. About this informs Associated Press.

Last week, Miley published a post in “X” in which he stated that this cryptocurrency will facilitate the financing of small businesses and startups. However, the post was deleted after a few hours, causing $LIBRA to plummet and investors losing millions.

Attorney Jonathan Baldivieso, one of the plaintiffs, said the president’s actions were part of an illegal fraud scheme. According to him, this resembles the so-called “carpet pulling” – when a cryptocurrency is actively promoted, attracting investors, and then suddenly abandons it, causing its value to fall.

Miley’s connection to the KIP Protocol project is confirmed by the fact that his team met with cryptocurrency developers in the president’s office. At the same time, the country’s administration said that Miley was not involved in the creation of the cryptocurrency and deleted the post as soon as he understood the risks of speculation.

“I did not know the details of the project. When I received the information, I decided not to promote it,” Miley explained.

One of the developers of the cryptocurrency, Hayden Mark Davis, accused Miley of causing its collapse:

“Miley and his team suddenly changed their position, deleted the posts and withdrew support.”

Now the court has to make a decision on the possible opening of a criminal investigation.

 

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