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

2025/02/17Editors of Iolite
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[NEWS] Argentine President Mirei supports cryptocurrency fraud project; opposition parties seek impeachment

The project denies fraud

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.

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.

Opposition parties call for impeachment

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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Potential Legal Issues with the Meme Coin "TRUMP"

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MAGAZINE

Iolite Vol.13

May 2025 issueReleased on 2025/03/28
Interview Iolite FACE vol.13 Joseph Lubin, co-founder of Ethereum and founder of Consensys PHOTO & INTERVIEW Yusuke Narita Features: "Dawnbreak Players 30: 30 Web 3.0 Players to Watch in 2025", "How to Use EXPO2025 DIGITAL WALLET", "The Global Controversy Over Meme Coins: What Happened in the U.S. and Argentina", "Finally, Technology Has Entered the Social Implementation Phase: Examples of Web 3.0 Use in an Era of Declining Population" Crypto Journey: Interview with Mohsin, a Popular Crypto YouTuber Special Series: Virtual Nishi: "Market Trends in Crypto Assets and Key Points to Interpret" Series: Tech and Future: Toshinao Sasaki, etc.