Crypt coin shared by Argentina's President Javier Milei skyrocketed Friday, then collapsed

[carride]

The X account of Argentina's President Javier Milei promoted a Solana meme coin called LIBRA late Friday. Traders initially piled in to purchase the coin, which surged to a market cap of about $4.5 billion—but amid growing doubts over the legitimacy of the launch and whether it was a pump-and-dump scam, the price has since plummeted.

Argentina’s President Javier Milei Launches Solana Meme Coin—LIBRA Crashes 89% - Decrypt

A Solana meme coin shared by Argentina's President Javier Milei skyrocketed Friday, then collapsed. Here's what you need to know.

decrypt.co

 

[Ries]

as Gomer Pyle used to say- "Surprise, Surprise, Surprise".

 

[Redpossum]

This is blowing up all over the news.

Milei accused of scamming supporters as he pushes crypto token

President Javier Milei sparks major controversy after pushing new cryptocurrency token online; Experts warn of potential fraud as '$libra' coin soars in value before becoming worthless in just a few hours.

www.batimes.com.ar

Peligro: un Presidente suelto en las redes

El escándalo por la recomendación que hizo Milei de una criptomoneda revela algo de fondo: los peligros de convertirse en un tuitero serial desde la cima del poder

www-lanacion-com-ar.translate.goog

Javier Milei y sus medidas, EN VIVO: más denuncias por el escándalo cripto, la oposición busca el juicio político del Presidente y hay desconcierto troll

El mensaje del jefe de Estado promocionando el token $LIBRA que movió millones y se derrumbó en minutos sigue dando que hablar.Acusaciones de estafa, reclamos en la Justicia, la autocrítica del Presidente y la preocupación de los fans mileistas en redes.

www-clarin-com.translate.goog

Even the Spanish edition of El Pais, (not just their watered-down Argentina version), has an article about it, but it's doing that "turn off your ad blocker or subscribe" thing.

 

[Che1990]

I don’t think Milei was involved personally, just a massive papelon and likely an insider linked to the money told him to post it. Possibly with the opposition involved as a plot.

Things will unravel for Milei. The Davos speech was another papelon just not to long ago, the constant talk about a cheap dollar, 2.2% inflation when meat has gone up 20%.



The honeymoon period is over.

 

[Quilombo]

Myself and several other frequent posters for the past year: "I don't know guys, I want to believe Milei, but it seems like a giant ponzi scheme what he's doing with the peso, carry trade, crawling peg, etc."

Milei: Literally proceeds to hype a ponzi scheme/pump 'n dump on Twitter this weekend

But hey, to the remaining Mileistas amongst us, I'm sure what he's doing with the country's macroeconomy will turn out different

 

[MilHojas]

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www.nytimes.com

Javier Milei posted about the coin on social media, then deleted it and announced an investigation into whether any laws were broken.

Archived version

 

[FrankPintor]

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www.nytimes.com

Archived version

Delete the evidence, then announce an investigation? Did I get that right?

 

[Redpossum]

Delete the evidence, then announce an investigation? Did I get that right?

Yes, of course. That's a perfectly ethical thing to do, right?

 

[elhombresinnombre]

Yes, of course. That's a perfectly ethical thing to do, right?

Way to go, bro.

 

[jorisw]

For those who don’t know, this is known as a rug pull, the crypto equivalent of a pump’n’dump scam. A deliberate scheme to steal a bunch of money from greedy but uninformed speculators.

They build up the value by ways of some announcement, then at its peak, sell it all, pulling the rug from under everyone else.

What better announcement than the president of the nation.

Milei screwed up big time here.