Milei Fires Back: "I Didn't Promote LIBRA Scam!"

Argentine President Javier Milei is pushing back against accusations that he was shilling the LIBRA memecoin, which recently became the poster child for a classic crypto pump and dump. This whole saga has left investors reeling from significant losses.

According to reports on X (formerly Twitter) by user tier10k, Milei insists he only shared information about the token, never explicitly telling people to throw their money at it. He's downplaying the impact on Argentina, suggesting only a "handful" of local investors – maybe four or five – got caught in the LIBRA whirlwind. He pointed out that most of the trading frenzy came from China and the U.S.

"Just Sharing the Meme Coin Love": Milei Defends LIBRA Mention

While some reports claimed a massive 44,000 investors were impacted, Milei is throwing cold water on that number, estimating closer to 5,000. He even suggests these were seasoned traders who should know the wild west nature of meme coins and the risks involved. In his view, the LIBRA situation is just a private financial hiccup, not a government-level crisis.

Milei: I didn’t promote it, I shared it.

“I acted in good faith and took a hit,”

“Did the State lose money? No. Did Argentinians lose money? Maybe four or five at most. The vast majority of investors are Chinese and American.”

“I shared this the same way I’ve shared hundreds…”

— db (@tier10k) February 17, 2025

Milei's Side: Helping Entrepreneurs, Not Pumping a Token?

Milei also clarified his connection to Hayden Davis, a key figure in the LIBRA project. Apparently, Davis pitched an idea to create a funding system for entrepreneurs struggling in Argentina's informal economy. Milei seemed to see this as a positive initiative and simply helped get the word out about it.

Despite his defense, Milei admits he's feeling the political heat and learning some tough lessons from this meme coin rollercoaster.

“I made no mistakes because I acted in good faith. But when I look at the political repercussions, I realize I have something to learn. I need to understand that after becoming president, I continued acting like the same Javier Milei as before. Unfortunately, this situation shows me that I need to raise my filters and not make myself so accessible.”

Argentina's Political Scene Erupts Over LIBRA

LIBRA exploded in popularity after Milei's public shout-out, rocketing from basically zero to over $4 in value. But like many meme coins, the party didn't last. The price quickly crashed to under 50 cents, sparking accusations of market manipulation. Rumor has it, early investors made off with over $100 million, leaving later buyers holding the bag.

This whole affair has definitely stirred the political pot in Argentina. Opposition leaders are now calling for Milei's removal, accusing him of misleading the public. The country's anti-corruption watchdogs are launching their own investigation, alongside a legal probe led by Federal Judge María Servini.

Markets Shaken by Meme Coin Mania: Argentine Stocks Tumble

The fallout from the LIBRA scandal even hit the traditional markets. The S&P Merval stock index in Argentina dropped by about 5% as the meme coin drama unfolded, sending ripples through the country's financial system.

The LIBRA Saga: Is Milei in Hot Water?

Even though Milei is standing his ground and claiming innocence, the debate around his involvement with LIBRA is still raging. His administration is facing increasing scrutiny as the meme coin controversy refuses to die down.

Read more: Solana meme dev hijacks Hollywood sign