Argentine President Javier Milei was exposed by his partners as the mastermind behind the LIIBRA withdrawal

Javier confirmed LIBRA on X (previously Twitter) on Saturday, causing its price to soar from $0.006 to nearly $5 within a few hours. Retail investors rushed in, believing the presidential endorsement made it legitimate. Six hours later, LIBRA dropped to $0.84 and its market capitalization plummeted from $4.6 billion to $400,000 at the time of reporting, triggering widespread panic and a sell-off wave. Burwick quickly posted on page X that: If you lose money on $LIBRA, contact Burwick Law to learn about your legal rights. Our company represents thousands of clients who want to recover their money when losing cryptocurrency. This is an attorney advertisement. Your results may vary. Argentine lawmakers also immediately called for the removal of Javier. Opposition leader Leandro Santoro declared: This scandal, which has brought shame upon us internationally, calls for us to demand the impeachment of the president. The Financial Technology Department of Argentina confirms that LIBRA meets the definition in the textbook of a rug pull—a fraudulent scheme where insiders inflate the price of a token, dump their shares, and bankrupt investors. The department states that Javier's social media post encouraged reckless speculation and his sudden disappearance from the project shattered investors' confidence. Javier's team tried to remove his involvement, erase any mention of LIBRA, but investors took screenshots. Legal experts say this could backfire legally, as it shows efforts to conceal his role. Jupiter and Kelsier disclose internal information about LIBRA The Jupiter Exchange cryptocurrency trading platform acknowledges that some members of their team were aware of the launch of LIBRA weeks before Javier's tweet.

In a statement, the company said: Some members of the Jupiter team know that there will be a symbolic project related to Argentine President Javier Milei at some point. We learned this about 2 weeks ago directly from Kelsier Ventures. Jupiter added, "In fact, it is a public secret in the memecoin community that an 'Argentina Coin' will be launched at some point, evidenced by numerous public tweets that have surfaced since then. However, to adhere to its security principles, we have not disclosed that to anyone, online or offline. Furthermore, no one in the team has received any LIBRA tokens or related compensation at any time." Jupiter asserts that when they add LIBRA to their strict list and display the "Verified" tag in their Trenches product, the market capitalization is around 1.5 billion dollars. Jupiter states, "LIBRA did not have the 'Verified' icon in our default token search until about 1 hour after launch". They also said that there are dozens of counterfeit tokens launched right after LIBRA and without strict verification list, traders can easily mistakenly buy tokens. They explain that: We take allegations of insider trading extremely seriously. We have conducted our own investigation and found no evidence of any sniper team members. If you have any evidence of Jupiter employees disclosing information or sniping, please contact us directly. If we find any team members acting on undisclosed information, we will take swift and decisive action. Meanwhile, Kelsier Ventures' CEO Hayden Davis, who helped launch LIBRA, blames Javier for this collapse. He said, "Javier's colleagues ensured his public support at the launch and assured me that his continuous support was guaranteed throughout the launch process." Hayden said that Javier's sudden withdrawal of funds had shattered investors' confidence and caused the price of LIBRA to plummet. He denied any involvement in fraud, declaring: “Despite previous commitments, Milei and his group unexpectedly reversed their position, withdrew support, and deleted all previous confirmations on social media.” Hayden also announced that he still controls 100 million dollars in the LIBRA fund and plans to reinvest and burn all the tokens bought back. In his words: “Unless a more feasible alternative is proposed, I plan to start implementing this plan within the next 48 hours. I remain committed to transparency and will continue to provide updates as the situation develops.” Argentina opens investigation Meanwhile, the government of Argentina is currently investigating the LIBRA scandal. A statement from the Office of the President confirmed that Javier met with KIP Protocol's CEOs Mauricio Novelli and Julian Peh on October 19, 2024, where they presented a blockchain initiative for Argentina. On January 30, 2025, Javier met Hayden at Casa Rosada, the presidential palace of Argentina. Government officials said Hayden had no official relationship with the state, although he was involved in the launch of LIBRA. Javier's office has protected its authenticity with a statement: The president shared a post on his personal account announcing the launch of the KIP Protocol project, similar to what he does every day with many entrepreneurs wanting to start a project in Argentina to create jobs and attract investment. But the Anti-Corruption Office (OA) is not convinced. A special task force of experts in cryptocurrency, finance, and anti-money laundering is currently investigating. The government has promised to transfer all findings to the court to determine if any fraud or criminal activity has occurred. The presidency of Javier is currently under threat, with a stack of lawsuits and investors demanding answers. The scandal is now the largest cryptocurrency rollercoaster in history, and Argentina is at the center of it all. DYOR! #Write2Earn #Write&Earn $BTC {spot}(BTCUSDT)