Controversy over a cryptocurrency promoted by Milei that raised millions of dollars and collapsed

Argentine President Javier Milei is facing controversy after he promoted a cryptocurrency on social media that raised millions of dollars for a few minutes and then collapsed.

In a post on X, the Argentine president wrote the acronym $LIBRA, a cryptocurrency that immediately registered an exponential rise in its price but then collapsed.

As explained by Argentine newspaper La Nación, "Libra is actually a meme coin, which is defined by not having any support in the real economy. They are cryptoassets that aim to capitalize on popular enthusiasm around a person, a movement or a viral internet phenomenon."

"Liberal Argentina is growing!!! This private project will be dedicated to fostering the growth of the Argentine economy, funding small Argentine companies and ventures. The world wants to invest in Argentina. $LIBRA," posted Milei, together with a link to the project.

Subsequently, the president published a message clarifying what happened. He maintained that he has no connection with the project and that he supported it because he believed it was a private venture.

"I was not aware of the details of the project and after I became aware of it I decided not to continue sharing it (that's why I deleted the post)," Milei said.

"To the filthy rats of the political caste who want to take advantage of this situation to do harm, I want to say that every day confirms how lowly politicians are, and increases our conviction to kick them out," the Argentine added.