Legal Action Against President Milei
Argentine lawyers have filed fraud charges against President Javier Milei in criminal court for promoting a cryptocurrency on his social media platforms, resulting in substantial losses for investors.
The charges stem from Milei's endorsement of $LIBRA, a coin he claimed would stimulate economic growth by supporting small businesses and startups. However, the currency's value plummeted shortly after his endorsement, causing millions in losses.
The Alleged Fraud Scheme
The cryptocurrency, developed by KIP Protocol and Hayden Davis, was accessible through a link on vivalalibertadproject.com, a website associated with Milei's catchphrase.
Milei's office clarified that he had no role in the coin's development and removed the post to prevent further speculation following public backlash.
Legal Perspective
Jonatan Baldiviezo, one of the lawyers behind the fraud charges, accused Milei of being part of an illicit association that committed fraud. The legal team, including Marcos Zelaya, MarÃa Eva Koutsovitis, and Claudio Lozano, emphasized Milei's essential role in the alleged fraudulent activities.
The plaintiffs likened Milei's actions to a 'rug pull' in the cryptocurrency world, where developers abandon projects after attracting investments, rendering the tokens worthless. They also alleged violations of the Public Ethics Law.
Response and Investigation
Following the incident, Milei distanced himself from the project, attributing the promotion to misinformation and political exploitation. The Anti-Corruption Office pledged swift action, investigating all parties involved in the cryptocurrency collapse.
Representatives of KIP Protocol blamed Milei for the currency's downfall, citing his sudden withdrawal of support and social media posts. The administration vowed to cooperate with the judiciary to determine any criminal liabilities related to the project.
Conclusion
The fraud charges against President Milei have sparked a legal battle, shedding light on the complexities of cryptocurrency promotions and the accountability of public figures. Stay tuned for updates on this developing case.
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