Argentine Congress Report Accuses President Of Crypto Fraud

Argentine Congress Report Accuses President of Crypto Fraud Argentina An Argentine congressional commission this week found that President Javier Milei may have committed misconduct and engaged in “alleged fraud” by using his public office to promote a cryptocurrency project that later collapsed, MercoPress reported Wednesday. The House of Deputies’ Investigative Commission released a final report this week in which they alleged that Milei and his sister, Presidential Secretary Karina Milei, were “key players” in enabling what lawmakers allege was an international scam. The scandal began in mid-February, when Milei promoted the $LIBRA token on social media. The token initially surged in value but crashed within hours, causing losses of several million dollars for more than 114,000 digital wallets. Industry analysts described the operation as a “rug pull,” a scam in which developers boost a token’s value and then exit before it collapses, according to the Buenos Aires Times. Technical reports show that 80 percent of wallets lost money, while 36 individuals made profits of more than $1 million. The commission’s findings claimed that Milei breached Argentina’s public ethics law by using his presidential authority to promote a private venture and by bypassing technical and legal reviews. The report also found direct links between Milei and the project’s promoters, including US entrepreneur Hayden Davis and Argentines Mauricio Novelli and Manuel Terrones Godoy. Meanwhile, the commission said it will also file criminal complaints against a number of officials who allegedly obstructed the investigation, including Justice Minister Mariano Cúneo Libarona and Anti-Corruption Office head Alejandro Melik. Lawmakers wrote that these officials “systematically refused to cooperate” with the probe. Milei has denied promoting the project, claiming he merely “shared” it and “did not know the details.” He called himself a “fanatic techno optimist” who wants Argentina to become a “technology hub.” The commission has now submitted its report to Congress to determine whether Milei engaged in poor performance of his duties. However, no timeline for considering the question has been set, and observers said that after new pro-Milei lawmakers elected in October’s midterm vote take office on Dec. 10, it’s likely that no further action will be taken.