The post Argentinian President Milei Promotes Pump and Dump Token ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.

Advertisement &nbsp &nbsp On Friday evening, Argentinian President Javier Milei posted his support for the Libra (LIBRA) token, only to find that it became worthless after insiders dumped the token. At first, there was much speculation as to whether Milei’s X account had been hacked or whether he was involved in the scam. The incident has been called a ‘rug pull’ scam because the insiders could pull unlocked funds after the price went up. Milei has taken responsibility for his post, suggesting there was no hack. Others thought the post was a political stunt. But when other Argentinian politicians suggested it was real, many bought into the pump-and-dump. Within minutes, LIBRA had a $4.6 billion market cap. The Argentinian FinTech chamber has commented on the incident, suggesting that it was most likely a “rug pull” in which investors were drawn into the scam only to have their money dumped on the market later on. Leandro Santoro, an opposition member, commented, “This scandal, which embarrasses us on an international scale, requires us to launch an impeachment request against the president.” Advertisement &nbsp Carlos Maslaton, a liberal economist and former ally of Milei, commented, “It’s official – there was no hack, confirmed by his entire inner circle. Milei is directly involved in a crypto fraud. He has crossed all moral boundaries; this post was made to steal. There is no longer any doubt – grounds for impeachment.” The insiders cashed out $107 million, wiping out nearly 94% of the token’s value within hours. Milei has since commented that he was not involved in the pump-and-dump scam and had merely posted a comment about a crypto project that claimed to support Argentinian businesses. He didn’t stop there, however, adding that his political opponents were capitalizing on the incident to attack his reputation. Milei…

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Filed under: News - @ February 16, 2025 6:18 pm