Argentine President Javier Millie, who was once praising his bitcoin policies, is now facing accountable for his participation in the “encryption scandal”.
According to multiple reports, the legislators in Argentina called for Dismissal From their president, after actively pushed a new encryption that quickly collapsed, causing millions of dollars losses.
President Millie promoted Al -Mizan
Millie actively announced a new code, Libra, until the stadium was published for the symbol last Friday. In the Twitter/X publication, the project aims to enhance the Argentine economy by helping entrepreneurs and small business owners.
Its post has been linked to the official Crypto site, which is interestingly carried by the Milei campaign logo, “Long Live Freedom”.
Within minutes after the launch, the symbol rose to $ 5, but fell to less than one dollar in just hours, causing huge losses.
I started with a tweet and ended with millions of dollars in losses
President Millie’s participation in the encryption project caused a financial and political scandal in Argentina. Politicians immediately attacked the president, saying it was The fraud was reinforcedThe president’s claim heavily denied.
The president’s participation with the Twitter/X publication (deleted now) began encouraging his 3.8 million followers to invest in the project to stimulate economic growth in the country.
Everything started with this post at 5:01 pm East time from Javier Millie.
As we saw during the launch of President Trump Mimikoen, the first hour was full of speculation:
Was this penetration or a real absolute?
It turned out that it was real as many Argentine politicians published news. pic.twitter.com/cl0zqgxtcb
Kobeissileter’s message February 15, 2025
Hours later, the president removed the message and shared another post, saying that he was not related to the encryption project. He also explained that he was not aware of his details, and after obtaining more information, he decided not to support it. Millie later released (Google Translate) statement On x blame on political opponents:
“With regard to the dirty mice of the political class that wants to benefit from this position to harm, I would like to say that every day they assure the accuracy of the politicians, and they increase our conviction to kick them at the back.”
in Interview with CNNPresident Millie’s team admitted that the post was “a mistake.” CNN tried to contact the country’s National Securities Paradise to clarify whether they were taking action against Milli.
The scale was launched to high prices
The value of the scale increased immediately, from nearly zero at all to nearly 5 dollars, before declining to less than one dollar. According to multiple reports, the code has begun to increase the price after President Millie was published on Twitter/X to promote the coin.
As of today, the market cap of cryptocurrencies was recorded at $3.1 trillion. Chart: TradingView
The Fintech room in the country noticed that the launch of the scale is like a “Plasting the rug”, The coding fraud is where the distinctive symbol or pumps rises in the price before it decreases in the value, while the informed or “emptying” their property. Other analysts say the encryption project is similar to the Bonzi plan or a fraud.
Image: Grafa
Critics also found red flags, Milli gets some support
Curd experts, such as Pablo Sabta, noticed some red flags about the encryption project. Sabbatella noted that Crypto was prepared a day before the launch of the distinctive symbol, indicating a possible fraud. He added that the distinguished symbol was promoted just minutes before the Argentine President published his message on social media.
Sabbatella pointed out that the whales bought the symbols “in practice free of charge”, and when their price rose, they emptied their property for enormous profits. He added that some of the accounts have received a low cost, with a value of $ 4 million, but they managed to earn up to 87 million dollars within hours.
The president found some supporters as the political opposition highlighted the scandal. Millie found an ally of Security Minister Patricia Bulrich, who said the leader has freedom of expression.
Bulrich added that the publication of President Miley is similar to the investor’s visit to a factory, but it does not mean that he is pressing the work.
Distinctive image from AP, tradingView graph
