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- Argentine President Javier Milei reignited controversy by resharing a LIBRA token tutorial, fueling a brief 60% price surge before a sharp decline.
- The LIBRA scandal escalates as Argentina’s Anti-Corruption Office investigates Milei, while U.S. prosecutors eye legal action against its CEO.
Argentine President Javier Milei faces renewed scrutiny after drawing attention to the LIBRA token. He recently shared a tutorial on purchasing the controversial meme coin on X, formerly known as Twitter. His action follows a previous promotion that triggered an insider sell-off exceeding $100 million, prompting him to delete the original post.
Despite earlier efforts to distance himself from LIBRA, his latest repost sparked fresh debate. The tutorial detailed a five-step method for buying the token, estimating a two-hour process. The post’s author later clarified the intent was to highlight difficulties small investors encounter when entering the volatile crypto market.
A follow-up statement emphasized that inexperienced investors often struggle to participate. Despite the disclaimer, Milei’s repost ignited another market frenzy, causing LIBRA’s price to jump 60%. The surge quickly faded, and the token fell to $0.35.
Profiteers Cash In As LIBRA’s Price Swings
The sudden spike in LIBRA’s price prompted another round of speculative trading. Blockchain data from Lookonchain revealed that a wallet named “goofyahh.sol” spent $5 million in USDC to purchase 10.4 million LIBRA tokens. Within minutes, the same wallet cashed out, making a swift profit of $496,837 in just 47 minutes.
Update: goofyahh.sol quickly sold all $LIBRA, making another profit of $497K. pic.twitter.com/P7bXDnSBXi
— Lookonchain (@lookonchain) February 17, 2025
This wasn’t the first time the wallet’s owner profited from the token. Previously, the same trader pocketed $1.65 million from a similar price fluctuation. The pattern of rapid buying and selling raised further concerns about price manipulation in the LIBRA market.
Meanwhile, the LIBRA scandal continues to fuel political turmoil in Argentina. The country’s Anti-Corruption Office (OA) has launched an investigation into the president’s role in the token’s promotion. Over 100 criminal complaints have been filed against Milei and his associates, while opposition lawmakers are pushing for impeachment.
US Prosecutors Eye CEO Legal Action
The controversy has drawn attention beyond Argentina. U.S. prosecutors are reportedly considering legal action against Hayden Davis, the CEO of Kelsier Ventures, the main entity behind LIBRA. Davis, however, denies any wrongdoing and insists the token was not a scam.
“It’s not a rug. It’s a plan gone miserably wrong with $100 million sitting in an account that I’m the custodian of,” Davis said in an interview.
He argued that the LIBRA market still has liquidity, with about $60 million locked in a bonding curve, supporting a market cap of $300 million.
Milei, for his part, remains defiant. He continues to insist that he did not promote the token but merely shared information about it. “I didn’t promote it, I disseminated it,” the president stated. He further claimed that the media exaggerated the financial losses, arguing that most of the supposed 44,000 victims were bots and that, at most, only 5,000 real users lost money.
Public Backlash Intensifies
Despite his justifications, Milei’s actions have drawn sharp criticism. Crypto analyst Alex Krüger voiced his frustration on X, writing:
If heads don’t roll for a President promoting a >$100 million pump & dump, then get ready because the real crime season will just be getting started.
Milei continues to defend himself, stating that his intent was to encourage innovation in Argentina’s tech sector. Speaking in a televised interview with Todo Noticias, he described himself as a technology enthusiast, not a crypto promoter. However, his reassurances have done little to quiet the storm.
