Argentina congress accuses President Milei of promoting crypto fraud

Argentina’s President, Javier Milei, has been indicted in a congressional report over allegations that he promoted a cryptocurrency scheme that defrauded investors earlier this year.

The document, prepared by a committee of the Chamber of Deputies and driven largely by opposition legislators, concluded that available evidence “is consistent with a possible act of fraud.”

It also attributed “political responsibility” to both President Milei and his sister, Karina Milei, who serves as one of his closest advisers.

The controversy stems from Milei’s public endorsement of the $LIBRA meme coin in February, when he announced on social media that “The world wants to invest in Argentina. $LIBRA.”

The token quickly drew significant interest, but experts later described it as a classic rug pull, a type of crypto scam in which developers lure investors before abruptly withdrawing their funds.

Within 24 hours, the coin collapsed, wiping out hundreds of millions of dollars in investments.

Milei later distanced himself from the project, insisting he was unaware of its specifics.

Multiple legal petitions have since been filed against the president and others associated with the coin.

These cases have now been consolidated under one judge and prosecutor.

While the commission has forwarded its findings to the judiciary, it remains uncertain whether Congress will pursue additional action.

A new legislative session begins on December 10, with an influx of lawmakers aligned with Milei, a shift that could influence how the matter proceeds.

The report also highlighted that both Milei and his sister declined to appear before the committee, despite formal invitations to testify.