The $Libra scandal in Argentina unfolded after President Javier Milei promoted the cryptocurrency on Twitter, leading to massive investments followed by a sharp crash, causing a loss of $250 million for investors. The controversy drew public outcry, calls for impeachment, and criminal complaints, prompting a federal investigation targeting Milei. The president, however, denied any involvement, shifting blame to a Singapore startup and a consultant, Hayden Davis.
Davis later admitted to amassing $100 million from the scheme and claimed to be Milei’s advisor. The saga highlighted the intersection of crypto and politics, revealing a murky world of insider deals benefiting the powerful at the expense of amateur investors.
The scandal traced back to a conference where access to Milei was allegedly sold, and Davis and Mauricio Novelli, an associate of Milei, pitched a cryptocurrency project to boost the Argentine economy. The $Libra coin ultimately benefitted insiders who quickly cashed out, leaving most investors with losses.
Davis’s revelations about memecoins and his control of large sums raised questions about the manipulation of these volatile assets. Meanwhile, Milei faced backlash in Argentina, with accusations of a careless presidency, bribery allegations, and accusations of being complicit in the scam.
The unfolding scandal gripped the nation and shed light on the dangerous intersection of cryptocurrency, politics, and insider manipulation, leaving many wondering who truly benefited from the $Libra debacle.
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