Cryptocurrency Scandal in Argentina: Milei Accused of Corruption
17
World
February 18, 2025 10:48
argentina - Argentinian President Javier Milei is accused of corruption in a cryptocurrency scandal.
Argentinian President Javier Milei Accused of Corruption in Cryptocurrency Scandal
Argentinian President Javier Milei is facing allegations of corruption in a cryptocurrency scandal that has rocked the country. Milei came under scrutiny after promoting a cryptocurrency that promised to provide funding for small businesses.
Following Milei's endorsement, the price of the cryptocurrency surged, only to plummet after the President deleted his post, resulting in significant financial losses for investors.
Opposition lawmakers in Argentina have announced plans to initiate proceedings to remove Milei from office, while legal action has been taken against him for fraud. A judge has been appointed to investigate the incident.
Milei is accused of engaging in 'pump-and-dump' schemes, where he promoted a cryptocurrency to attract buyers before orchestrating a sell-off to profit at their expense.
In response to public backlash, the Argentinian Presidential Office announced the removal of the controversial post to avoid further speculation. The government has pledged to launch an investigation into the matter through the Anti-Corruption Office.
It is estimated that over 40,000 individuals were affected by Milei's actions, resulting in financial losses exceeding $4 billion.