The Office of the President of Argentina issued an official statement after the fall of the $LIBRA

The presidency of Argentina's Javier Milei is said to be in danger, following the LIBRA scandal - a cryptocurrency project launched on Solana that he supported and turned out to be a major scam. This week, Milei is on his way to Washington, hoping to meet with US President Donald Trump, according to Bloomberg. Milei is accused of cheating in the LIBRA promotion program Argentina's president, Javier Milei, has reportedly been charged by Argentine lawyers with fraud related to the LIBRA memecoin promotion, the Associated Press news agency reported. He is currently facing impeachment threats in the country. A Bloomberg article today noted that after Milei promoted the memecoin LIBRA, his presidency in Argentina entered a "crisis mode". The chaos of LIBRA Memecoin, initially promoted by Milei last week, has quickly surged but lost over $4.4 billion in market capitalization, causing the memecoin market to shake. Bloomberg reported that investors like Barstool Sports founder Dave Portnoy have suffered significant losses, calling this project the "biggest failure of all time". The event is now reportedly the subject of an internal government investigation, and key members of the crypto industry are "criticizing each other" as Milei tries to recover from the chaos. Bloomberg criticized Henry Elder at UTXO Management when he said that the LIBRA story was a farce, suggesting that some members of the cryptocurrency industry "lack a moral compass." According to similar notes, Milei is said to be preparing for a visit to Washington this week to meet with US President Donald Trump and ensure his support for Argentina to receive additional funds from the IMF in a new program still being negotiated, as well as the possibility of being exempt from Trump's tariffs. Bloomberg highlighted the confusion over the weekend as conflicting stories emerged. They note that after LIBRA collapsed, Davis, CEO of Kelsier Ventures, a cryptocurrency venture capital firm, said in a video on X on February 16 that he is an advisor to Milei, working with him and his team on much larger crypto issues and other cryptocurrency-related issues in Argentina. The Office of the President of Argentina issued an official statement However, Milei's office issued an official statement saying Davis did not have any connection with the Argentine government. According to official notes, the President of Argentina has decided to establish the Investigative Unit (UTI) including representatives of authorized agencies and organizations related to cryptocurrencies, financial activities, money laundering, and other activities, this unit will investigate the launch of LIBRA and all companies/individuals involved in this operation. The official declaration ends by stating that Milei, who has proven his commitment to the truth through his actions, is committed to clarifying the matter. Some voices in the cryptocurrency industry note that the entire operation of LIBRA could be a "political backdrop" to try to impeach Milei. With this chaos, Milei should never post about the project from an inexperienced group and should not promote it. After promoting the project on X, Milei deleted his tweet and said he didn't know the full details.

At the end of the week, The Kobeissi Letter also published an analysis of the project's launch, emphasizing that it has completely "destroyed the memecoin market."

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