[NEWS] Argentine President Mirei supports cryptocurrency fraud project; opposition parties seek impeachment

On the 14th, Argentine President Javier Mirey posted on his X in support of the cryptocurrency Project Libra. However, the price of Libra plummeted after President Mirey's post, and he is currently making waves for "supporting a project suspected of being an exit scam."

Libra is a token built on Solana (SOL), and President Mirey introduced it as "investing in Argentine startups and promoting economic growth." In addition, a digital currency project once run by Facebook (now Meta) was also under the name "Libra," but it is not related to this project.

President Mirey has already deleted the post, and on the 15th he stated that "I have no relationship with the project," and that "at the time of posting, I did not know the details of this project." After that, on the 16th, an investigative task force was established under the jurisdiction of the Argentine Presidential Office, and an emergency investigation was launched into all companies and individuals involved in the launch and activities of Libra.

Hace unas horas publiqué un tweet, como tantas otras infinitas veces, apoyando un supuesto emprendimiento privado del que obviamente no tengo vinculación alguna.

No estaba interiorizado de los pormenores del proyecto y luego de haberme interiorizado decidí no seguir dándole…

— Javier Milei (@JMilei) February 15, 2025

According to the presidential office, President Millay met with Mauricio Novelli of KIP Protocol, who is involved in the project, on October 19 last year. Later, in January this year, KIP Protocol introduced Hayden Mark Davis as an infrastructure partner to advance the project.

During the series of meetings, President Millay was informed that KIP Protocol and others were a project to provide funding to Argentine venture companies using blockchain. President Millay explained that he announced the launch of the project through his personal account X for this reason.

Under these circumstances, KIP Protocol and Davis denied that the project was fraudulent. Davis also stated that he and those involved with KIP Protocol would not commit any fraudulent acts, and criticized President Millay for inducing panic selling by deleting the post after the incident.

Libra, which President Milley posted, had a market capitalization of more than $4.5 billion at one point, but immediately afterwards, a large-scale sell-off caused its value to fall by more than 94%. It is still under investigation, so it cannot be determined that it is a fraudulent project, but the opposition party has already raised the call for impeachment.

As the cryptocurrency market expands, there are more and more cases where world leaders are talking about cryptocurrency. In the United States, President Trump attracted a lot of attention by issuing his official meme coin, TRUMP.

An investigation is currently underway into this meme coin, as President Trump's own promotion of it may violate federal law.

Reference: Argentine Presidential Palace
Image: Shutterstock

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