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International Business Times
International Business Times
Business
Marvie Basilan

Argentina's President Milei Faces Fraud Lawsuit Over $LIBRA Token 'Rug Pull'

Javier Milei Libra Lawsuit Argentina OPR Crypto Hawk Tuah Melania Trump Lookonchain X
Argentine President Javier Milei on August 14, 2024 in Buenos Aires. (Credit: AFP)

KEY POINTS

  • A lawyer and plaintiff in the lawsuit said lawyers saw there was an illicit association to commit fraud in the $LIBRA launch
  • Milei's office denied the president was involved in the token's development and has ordered a probe into the project
  • A 'custodian' of the $LIBRA token's treasury funds suggested Milei's pullout caused the price crash
  • The token was already crashing following supposed 'cash out' activity by the developer team, as per onchain data
  • The $LIBRA developer team was reportedly the same team that launched FLOTUS' $MELANIA memecoin

Argentina's President Javier Milei is faced with a lawsuit initiated by Argentine lawyers over his promotion on social media platform X of LIBRA, a cryptocurrency that initially surged then crashed over the weekend.

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