Bulletins and News Discussion from February 10th to February 16th, 2025 - There Is Noboa Alternative - COTW: Ecuador

Milei accused of scamming supporters as he pushes crypto token

President Javier Milei sparks major controversy after pushing new cryptocurrency token online; Experts warn of potential fraud as '$libra' coin soars in value before becoming worthless in just a few hours.

President Javier Milei caused a major controversy on Friday evening after recommending his followers buy a cryptocurrency token that within hours became worthless. Crypto experts questioned the motives of the head of state, with some suggesting he had either fallen victim or endorsed a so-called “pump and dump” scheme that scammed his supporters. Just after 7pm local time on Friday, Milei posted an enthusiastic endorsement of a new crypto token called ‘$LIBRA,’ informing users on social media of a unique "investment opportunity" on social media.

According to the website promoting the token, it seeks to boost financing for small Argentine companies and entrepreneurs.

Within hours of the post, $LIBRA’s market value reached US$6 billion, roughly equivalent to that of a major Argentine bank.

The token, which lacks liquidity, was at one point worth US$4,978 per token, before crashing to $0.99159 within hours, sending shockwaves through the crypto community and Argentina’s political class. After publishing and posting the message, Milei later confirmed to the Bloomberg Linea website that the initiative ‘is real’ and is based on “pure private financing.”

“The project is a private initiative that aims to help Argentine companies and projects. The currency linked to this project was created in honour of the ideals of freedom and has nothing to do with me or my participation in any way," Milei told the publication. "The project is aimed at Argentine entrepreneurs so that they can apply for funds to finance their projects," he added, stating there is a website where interested parties can register. Milei’s post on social media endorsing the token immediately raised eyebrows, with some speculating that his social media account had been hacked.

However, La Libertad Avanza national deputy Lilia Lemoine later confirmed that the post was genuine, dismissing the hacking theory. “Liberal Argentina is growing! This private project will be dedicated to boosting the growth of the Argentine economy by funding small businesses and entrepreneurs. The world wants to invest in Argentina,” Milei posted, linking to the website https:://vivalalibertadproject(dot)com.

(Not gonna share that shitty ass scam site)

The controversy deepened when Fernando Cerimedo, a key strategist in Milei’s digital media team, expressed frustration over the incident, writing online: “Whoever said this was a great idea should start looking for a place to hide.”

Milei, who previously pushed crypto tokens while running for President, faced instant criticism online. Some speculated that Milei’s behaviour could see him denounced before the courts for fraud.

Liberal economist Carlos Maslatón strongly criticised his former ally, declaring on X: “It’s official — there was no hack, confirmed by his entire inner circle. Milei is directly involved in a crypto fraud. He has crossed all moral boundaries; this post was made to steal. There is no longer any doubt — grounds for impeachment.” Crypto enthusiasts and security analysts also raised the alarm. The organisation BirminghamCyber, which specialises in cybersecurity, speculated: “President Javier Milei’s account may have been compromised to promote a cryptocurrency scam.”

Venezuelan crypto influencer Javier Bastardo simply asked, “Javo, were you hacked?”

The reaction from the Bitcoin community was overwhelmingly negative. Crypto-focused account ‘La Crypta’ warned Milei: “NO JAVOOOOOOO! IT’S WITH BITCOIN! DON’T PAY ATTENTION TO THE SHITCOINS!” Trader Ornella Panizza, a firm supporter of the President who is known as ‘Lady Market’ online, commented: ”‘I want to believe Milei’s account was hacked because LIBRA was a massive scam. Two accounts hold 70 percent of the supply — very suspicious. They need to provide explanations.”

Despite the backlash, some of Milei’s supporters initially defended the move. Political analyst and writer Agustín Laje, a prominent advocate of Milei’s fight against “gender ideology” and “cultural Marxism,” praised the initial post. “Freedom is the foundation of economic growth,” he wrote on X, before quickly deleting the message. At the time of writing, there has been no official government statement clarifying the president’s involvement in the $LIBRA controversy.

This is not the first time Milei has faced allegations related to cryptocurrency scams — he was previously accused of promoting CoinX, engaging with a platform that later led to criminal charges against him. Crypto experts online said that ‘$LIBRA’ is not a conventional cryptocurrency like Bitcoin or Ethereum, with decentralised networks and robust security mechanisms. Blockchain specialists in particular also highlighted concerns about its transparency, pointing out that two accounts controlled 70 percent of the token’s total supply — a red flag for potential price manipulation and so-called “pump and dump” schemes.

According to its website, the Viva La Libertad Project operates on the Solana blockchain and offers funding to small businesses, startups and educational initiatives. There is no detail of information about specific requirements or the selection process. The website invites interested parties to complete a Google form to apply for funding, stating that the aim is to channel funding in an "efficient and decentralised" manner. There are no technical details on how the ‘$LIBRA’ token works, nor on the mechanisms for distributing funds.

Not gonna lie but this is an extremely stupid and amateurish mistake.

He's well within impeachment grounds, he indeed broke the law. Do I give a shit about that? No, because the law is made for the working class not for this absolute dipshit.

HOWEVER, it'll be extremely funny if he indeed gets impeached or is forced to resign somehow and his government falls apart BECAUSE OF A CRYPTO SCAM LMFAO. Not on my bingo card for sure. The thing is that several of his own people were completely shat upon by this and might be looking to jump from the ship as quickly as they can. We'll see.

And no he was not hacked. He confirmed he posted this with "good faith" and "didn't know" it was a ponzi scheme and then deleted the original tweet lol. Monday is gonna be an interesting day for sure.