Argentina President Accused of Fraud Over LIBRA Crypto

Argentine President Javier Milei is facing fraud charges following his promotion of the LIBRA cryptocurrency, which briefly exceeded a $4 billion market cap shortly after its launch on Friday, only to dramatically crash a few hours later.

The charges, filed on Sunday in an Argentine criminal court, were initiated by attorneys and political adversaries of Milei, including Claudio Lozano, the former head of the Argentine Central Bank, as reported by the Associated Press.

The complaint accuses the team behind LIBRA—a cryptocurrency investment firm named Kelsier Ventures and its CEO, Hayden Davis—of committing “an indeterminate number of frauds” with Milei’s participation.

Jonatan Baldiviezo, a lawyer and one of the plaintiffs, told the AP, “Within this illicit association, the crime of fraud was committed, in which the president’s actions were essential.”