Around al Memecoin $ Libra everything has gone at a speed of infarction. It was The ball of its price, which on Friday triggered its global value until it adds several billions of dollars in a matter of hours. It was his collapse, just as resounding and accelerated. And now his controversy is being, with an intense crossing of criticism and accusations of Macroestafa Among the protagonists of what promises to be one of the most rocambolesque chapters of the brief cryptohistory.
In the eye of the hurricane is Javier Milei, president of Argentina and an essential figure to understand what happened. For now, $ Libra seems to be costing him a cascade of accusations for fraud and considerable erosion of its popularity.
In fact there are already those who, pulling irony and black humor, have baptized it “Ponzidente” In a wink to the famous system of Ponzi pyramidal scams.
A name: $ Libra. To understand what happened, you have to go back late Friday, when Javier Milei published in networks, for the 3.8 million of followers that adds in X and the six million of Instagram, a message in which it basically promoted a cryptocurrency called $ Libra. Exactly, just like the name of his own party, La Libertad advancesLla.
That the head of state of Argentina gave visibility to what he called “private project” focused on “growth” was understood as something else: an endorsement, a support, a guarantee of reliability. After all, Milei spoke from the same platforms that he often uses ads, launching opinions or heading to other world leaders. The result was expected. He lifted his mood. And there were Argentines who took advantage of their huchas to invest.
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A phrase: “encourage growth”. That in networks, media and forums have not stopped commenting The tweet Published by Milei on Friday at the last minute, even though that message has already been deleted from the Argentine leader’s account, it makes enough sense. Without him it is difficult to understand everything that happened later and The consequences that may have for him in the future. After starting with a “Liberal Argentina grows !!!”, Milei presented $ Libra as an entrepreneurship focused on the development and capture of wealth.
“This private project will be dedicated to encourage the growth of the Argentine economy, anchoring small Argentine businesses and ventures. The world wants to invest in Argentina.” The tweet It included a link to a platform that –Cryptopolitan needs– He already invited to suspicate and linked to a Google form to process financing applications. Other heavyweights From the extreme right Argentina helped give visibility.
A figure: 4.5 billion. $ Libra grew like foam. Even more. Despite the misgivings that did not take the project and that everything indicated that the domain had been registered just a few hours before Of the launch, Milei’s tweet seemed to give wings to the Memecoin. In a very short time its market capitalization shot until they were around 4.5 billion of dollars. However, with them and after that vertiginous growth, it collapsed to the ground.
The Kobeissi Letter has elaborated A thread To explain step by step the sequence in detail, but it is summarized in a simple way: in full spiral of optimism and growth, large owners of $ Libra began to liquidate huge sums of dollars in minutes, achieving millionaire earnings. Cryptopolitan Explain that when people started asking questions Insiders of $ Libra there were taken 87.4 million dollars. In just three hours.
A concept: ‘rug-pull’. Shortly after the launch of the Memecoin He began to sound Anything else: a concept, Rug-Pull (“Plush pull”, in Spanish), which basically describes the fraudulent practice of those who create cryptocurrencies, attract investors and then disappear quickly, withdrawing their funds. In summary, inflate an asset artificially to capture investors and step back when the spiral is at its peak taking millionaire gains.
In Your report Regarding the firm Kobbeissi Letter says that “in five hours more than 4.4 billion market capitalization was erased.” Moreover, there are means that already speak of more than 40,000 investors who have seen their money trapped in the project endorsed by Milei. Hours after launching a post promoting $ Libra, the Argentine leader’s account erased the original publication and hung Another messagevery different tone, in which it basically marks distances with the Memecoin and charge hard against their critics.
A tweet: “I have no link”. “A few hours ago I published a Tweet, like so many other infinite times, supporting an alleged private venture that obviously has no link,” the Argentine leader starts in Your second message. “I was not internalized from the details of the project and after having internalized I decided not to continue disseminating (that’s why I erased the tweet).”
Little has served him. After what happened the weekend, they have not stopped the reactions. The case has raised comparisons with the Trump launchwhich also grew strongly before disinfied, has given rise to criticism of the opposition and above all he has focused the focus on who is behind $ libra and to what extent he was milei aware of the risks and what ended up happening.
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A reaction: complaints. Yesterday was presented a criminal complaint against Milei for “illegal association”, “scams” and “breach of the duties of a public official” and already There is news They point out that the number of claims has continued to grow. The opposition threat now With a Impeachment while the leader load against “The unclean rats of the political caste that want to take advantage of the situation” and alleges that has been directed to anti -corruption.
In The complaint Presented yesterday is also included, among, others responsible for the development of cryptodye and technological infrastructure that supported it. One of those responsible for the project has already publicly came out to blame Milei of what happened, relating the collapse in the price with the leader’s support withdrawal. “His associates had secured public support and guaranteed that his support would continue,” Mark Davis assuresby Kelsier Ventuers. “They unexpectedly changed their position.”
A precedent: 2021. It is not the first time that Milei is seen in the eye of a hurricane like this. It has happened to other occasions. Only a few years ago, in 2021, when he was still deputy for Buenos Aires, He also promoted A cryptocurrency platform, Coinx, which offered high profitability.
The project ended after The intervention of the National Securities Commission, dotted with controversyand with investors losing their money. On that occasion the president today He got disconnected claiming that he had no responsibility and had limited himself to giving his opinion. Many have dusted the case in the last 48 hours next to A new nickname For the Argentine leader: “Ponzidente”.
Images | Casa Rosada-Presidencia
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