Fact Check: Javier Milei commited a crypto crime

Fact Check: "Javier Milei committed a crypto crime"

What We Know

Javier Milei, the President of Argentina, is currently facing allegations of fraud related to his promotion of a cryptocurrency called $LIBRA. Following a brief spike in its value after Milei's endorsement, the cryptocurrency's price plummeted, leading to significant financial losses for investors. Reports indicate that the cryptocurrency lost around $250 million in value shortly after its launch on February 14, 2025 (AP News, BBC, Wikipedia).

Milei's promotion of $LIBRA involved a post on social media where he described the cryptocurrency as a means to fund small businesses and startups. However, he deleted the post within hours as the coin's value began to decline, which raised suspicions among investors and critics alike. Some have accused him of orchestrating a "rug pull," a term used in the cryptocurrency community to describe a scenario where promoters abandon a project after attracting investments (BBC, Wikipedia).

In response to the backlash, Milei's office stated that he was not involved in the cryptocurrency's development and that the decision to delete the post was made to prevent speculation (AP News). Legal actions have been initiated against him, with lawyers filing complaints in Argentina's criminal court, asserting that Milei's actions were essential to committing fraud (BBC, AP News).

Analysis

The claim that Javier Milei committed a crypto crime is complex and involves ongoing legal investigations. The allegations stem from his promotion of the $LIBRA cryptocurrency, which experienced a rapid rise and fall in value shortly after its launch. Critics argue that Milei's endorsement misled investors, contributing to the financial losses they incurred. The legal complaints filed against him suggest that there is a serious consideration of potential fraud, as indicated by statements from plaintiffs who assert that Milei's actions were integral to the alleged fraudulent activity (AP News, BBC).

However, it is crucial to note that Milei has publicly distanced himself from the project, claiming he acted in good faith and was unaware of the details surrounding the cryptocurrency. His office has emphasized that the president was not involved in its development and that an investigation by the Anti-Corruption Office would clarify any wrongdoing (AP News, BBC).

The credibility of the sources reporting on this issue is generally high, with established news organizations like the Associated Press and BBC providing detailed accounts of the situation. However, the Wikipedia entry, while informative, should be approached with caution as it can be edited by anyone and may not always reflect the most current or accurate information.

Conclusion

The claim that Javier Milei committed a crypto crime is Partially True. While there are serious allegations against him, including potential fraud related to his promotion of the $LIBRA cryptocurrency, the legal process is still ongoing, and Milei has denied any wrongdoing. The situation remains fluid, and further investigations will determine the extent of his involvement and any legal consequences he may face.