Earlier today, Argentina’s President Javier Milei reposted a tutorial on X explaining how to purchase LIBRA, a Solana-based token he is currently being bashed for promoting. The post was originally published by Dario Epstein, the director of Buenos Aires financial research firm Research for Traders (RfT).
In his post, citing Metamind Education co-founder Agustin Natoli, Epstein listed the steps on how it would take two hours to buy the controversial token.
Como habia que hacer para comprar $LIBRA: 1) Crear una wallet phantom (Solana) 2) Comprar tokens de Solana (Exchange centralizado) 3) transferir a tu wallet operando en un Exchange descentralizado 4) pegar el contrato 5) swapear los token de Solana por los de Libra Y todo eso en…
This involved creating a Phantom wallet, buying Solana tokens through a centralized exchange, transferring the coins to a decentralized trading platform, and then finally swapping them for Libra. President Milei shared the post on his official X account.
Over six hours later, the RfT director clarified that his intention was to show just how complicated the process could be for a typical investor, but the criticism of Milei for sharing it had already piled up.
Social media posts on Libra enrages investors
As reported by Cryptopolitan, Milei “briefly” promoted LIBRA coin last Friday on X, claiming it would help fund small businesses and startups. The post included a link to purchase the token, prompting a surge in the coin’s value. However, within hours, Milei deleted the post, and the price of LIBRA plummeted, causing many investors to garner over $4 billion in losses.
Several members of Congress are planning to initiate impeachment proceedings against the president, accusing him of misconduct related to the promotion of the cryptocurrency.
According to a Monday Buenos Aires Herald exclusive, the country’s opposition group locally known as the Peronist Unión por la Patria, has called Milei’s actions a “scandal without precedent” and vowed to move forward with a request for his impeachment.
Moreover, on Sunday, lawyers filed criminal complaints against the president in Argentina’s courts, accusing him of fraud. The complaint, backed by the Right to the City Observatory think tank and economist Claudio Lozano, also named other public figures allegedly involved in the promotion of LIBRA.
These included Martín Menem, president of the Chamber of Deputies, libertarian influencer Daniel Parisini, and far-right author Agustín Laje. The report also highlighted the involvement of Hayden Mark Davis of Kelsier Ventures, which launched the token, and Julian Peh, CEO of KIP Network, who developed the “rug pull” crypto project.
One of the points raised in the legal complaint is the timing of Milei’s promotion of LIBRA. According to the lawyers, Milei made his post just three minutes after the token’s launch, suggesting he had prior knowledge of the project before it became public.
Screenshots included in the report, seen by the BA Herald, show that other public officials, including Menem and libertarian deputy José Luis Espert, had reposted Milei’s promotion, while Laje publicly expressed his support.
The plaintiffs also argued that given the president’s rich background as an economist, there are zero to no chances he was unaware of the details of the project he was endorsing.
President Milei’s defends his case
In response to the name callings and fraud accusations, members of Milei’s Presidential Office have denied any wrongdoing, claiming that his post was merely a demonstration and not an endorsement of the cryptocurrency.
Through a lengthy explainer on X, the office “downplayed” his involvement in the project, stating that he did not know the details of LIBRA prior to posting about it.
“The President shared a post on his personal accounts announcing the launch of the KIP Protocol project, just as he does daily with many entrepreneurs who want to launch a project in Argentina to create jobs and get investments. After the repercussions that the launch of the project had and to avoid any speculation and not give it further dissemination, he decided to delete the post.”
The statement from Milei’s camp also revealed that he has called on Argentina’s Anti Corruption Office to investigate potential improper conduct. Additionally, the leader has established a task force within the government to look into the circumstances surrounding LIBRA’s market launch.
🚨 Breaking: @JMilei has involved Argentina 🇦🇷 Anti-Corruption Office and created an Investigation Task Unit to investigate wrongdoing associated with $LIBRA cryptocurrency 👇
Milei has proven that his integrity is second to none, and his immediate actions here speak loudly. _ pic.twitter.com/stvbdgzh7f
Still, critics remain unconvinced by Milei’s explanations, propounding the president’s actions were part of a coordinated effort with insiders to promote the cryptocurrency, benefiting those involved in its launch while potentially misleading the “ordinary” investors.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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