After more than a hundred complaints due to the Crypto Assets turmoil, the Argentine president is being investigated by the court.

An Argentine court announced on February 17 local time that it is launching an investigation into the relationship between President Mile and the violent Fluctuation of Cryptocurrency $LIBRA.

Earlier in the day, opposition Social Party MP Estevan Bauron announced that he and other members of parliament will submit a motion in the House of Commons, calling for the impeachment of Milay over the promotion of Cryptocurrency leading to investors losing everything. The basis is Article 53 of the Constitution: poor performance of the president’s work and alleged crimes during his term of office.

Since taking office, Milai has sparked many controversies due to his radical neoliberal economic policies. On the evening of the 14th, he announced a project called Viva La Libertad (Long Live Freedom) on the social media platform X, aiming to promote the new Cryptocurrency $LIBRA, which he said is designed to incentivize economic growth and provide funding for small and startup businesses. He also attached cash tags for $LIBRA tokens and project hyperlinks in the article, proudly announcing that the whole world wants to invest in Argentina thereafter.

Subsequently, the token price once skyrocketed, with a market value soaring to $4.5 billion. However, several hours later, the price of each token plummeted to below $1, leaving many investors empty-handed. Later, Miley stated that she did not understand the specific situation of this project, deleted the previous posts, and decided not to promote it anymore. She also did not participate in any Cryptocurrency development projects.

Cryptocurrency data monitoring platform Lookonchain shows that internal accounts related to the “Long Live Freedom” project have made profits exceeding 100 million US dollars, with 70% of the token’s supply controlled by two accounts. The Argentine government previously confirmed that Mila had met with representatives of the KIP Protocol platform in October last year, and the latter is also one of the developers of the LIBRA token. A prominent figure in the cryptocurrency community revealed that the tech forum that arranged the meeting between Mila and the KIP Protocol representatives benefited from it.

The analysis suggests that this approach may be a “rug pull”: the token developer quickly runs away after attracting investment. Mila has received more than a hundred complaints from domestic and foreign sources, as well as facing multiple impeachment requests, and Congress may even establish an investigation committee. On the 18th, Mila tried to absolve herself of responsibility in an interview with Argentine TN Television, pointing out that investors should take responsibility for their own actions.

The Argentine anti-corruption agency will also investigate to determine whether Millet and other officials benefited from it. Axel Kicillof, the governor of Buenos Aires Province and a left-wing representative, referred to the Cryptocurrency controversy as a “scandal” that embarrassed Argentina in the international community, and demanded that Millet explain to the Argentine people and judges. Millet then transferred the matter to the anti-corruption department and set up a working group to investigate within the presidential palace.

A think tank in the capital Buenos Aires filed a lawsuit with the court on the 16th, accusing Milei of fraud and dereliction of duty. If Milei is found to have benefited economically from this matter, he could face up to 6 years in prison. Milei’s supporters argue that the Congress will face midterm elections this year, and opponents want to launch political attacks.

(Source: Jiemian News)

Source: East Money

Author: Interface News