Argentine President, Javier Milei, has defended his role in promoting a cryptocurrency that plummeted in value just hours after his endorsement, likening the situation to gambling losses at a casino.
“The reality is if you go to the casino and lose money, I mean, what is the claim if you knew that it had those characteristics?” Milei stated in an interview with TN news channel on Monday night.
The president had initially championed the little-known cryptocurrency, $LIBRA, in a tweet on X last week, claiming it could drive economic growth by supporting small businesses.
“I am spreading the word that this is to fund Argentines who do projects and who do not have access to financing,” Milei told TN.
Following his public backing, the coin’s value surged before experiencing a swift collapse, resulting in financial losses for thousands of investors. Shortly after, Milei deleted his tweet, citing uncertainty about the situation.
The backlash has been swift, with critics demanding his impeachment and filing multiple criminal complaints, including one with the U.S. Department of Justice.
Accusations against Milei include claims of an alleged fraudulent scheme involving the cryptocurrency’s developers.
One complaint, filed by the Popular Unity political party and other plaintiffs, alleged that the incident constituted “The biggest MEGA scam in history in this sector” through a deceptive tactic known as a ‘rug pull.’
This type of fraud occurs when developers launch a token, attract investors to boost its value, and then abruptly withdraw, taking the money with them.
On Monday, the plaintiffs confirmed that a judge had been assigned to investigate the case. Meanwhile, Kelsier, the company behind the crypto’s launch, denied allegations of wrongdoing.
When asked whether he regretted his involvement, Milei maintained his stance. “No, because I also acted in good faith,” he told TN.
He further emphasized that those who invested did so at their own discretion, regardless of his tweet.
“I did not promote it. What I did was I spread it,” Milei said, asserting that he did not personally benefit from the cryptocurrency.
