Lawyers in Argentina have filed charges against President Javier Milei over the recent collapse of the Libra token, known as a “rug pull,” according to the Associated Press.
The plaintiffs accuse Milei of fraud, claiming that when he removed his social media posts endorsing the token, its value plummeted, essentially “pulling the rug” out from under investors. Milei’s office has denied any involvement in the token’s development, stating that the president was simply promoting a project as part of his usual support for Argentine entrepreneurs and startups.
“The President shared a post on his personal accounts announcing the launch of KIP Protocol’s project, as he regularly does with many entrepreneurs in Argentina, aiming to foster job creation and attract investment,” the President’s Office explained to the AP. They further clarified that Milei had met with the project team at his office.
At this stage, Milei has not been formally charged with any crime. Prosecutors are scheduled to meet on Monday to evaluate whether there is enough merit to move forward with the case.
In the meantime, on-chain researchers have noted striking similarities between the wallets behind Libra and those associated with the Melania token, raising questions about a potential connection between the two projects.
