The President of Argentina, Javier Milli, is subject to scrutiny after the disruption of a coded currency on social media, which led to great losses to investors. On Friday night, Millie shared a tweet promoting an unknown currency, $ Libra, claiming that it will help stimulate the economy and support small companies in Argentina.
The value of the currency increased almost immediately, with the value of the market amounting to $ 4.4 billion. However, within hours, the value of the cryptocurrency decreased to less than one dollar, causing severe financial losses. Many investors, including, saw that their investments are diminished within a few hours.
Millie’s tweet soon deleted and later explained that he was not aware of the details surrounding the currency before promoting it. He stated that as soon as he realized the situation, he removed the publication and distanced himself from the project.
The accident sparked concerns about the possible “carpet” fraud, as the developers amplifying the value of the coin artificially before selling their property, leaving investors with no value. Despite the collapse, the currency still has a market value of $ 250 million.
According to Reuters, opposition lawmakers in Argentina have suggested that Milli might face a trial in Congress due to the accident, while the country’s technology room admitted to the possibility of wrong play.
The issue drew attention not only to Milei’s participation but also to the wider risks of cryptocurrency investments, while emphasizing how quickly the market turns from the noise to a disaster.
