Argentine lawyers have filed charges against President Javier Milei for promoting a cryptocurrency, Libra (LIBRA), which briefly surged and then crashed. The token's market value reached $4.56 billion on February 14 after Milei posted about it on X. However, it dropped over 94% after he deleted the post.

Legal Action Filed Over Libra Token

Lawyers Marcos Zelaya and Jonatan Baldiviezo, along with engineer María Eva Koutsovitis and economist Claudio Lozano, filed a criminal complaint accusing Milei of fraud. Baldiviezo also claims Milei violated the Public Ethics Law by failing to disclose potential conflicts of interest, Cointelegraph reported.

A judge will review the case, or it will be referred for further investigation. Separately, lawyer Agustín Rombolá has filed a complaint accusing Milei of fraud, financial crimes, and price manipulation. Rombolá's firm is preparing a class-action suit for investors who lost money in the token.

President Requests Investigation After Libra Collapse

Milei's office has not yet commented. After the token's crash, Milei requested the Anti-Corruption Office investigate all government officials, including himself. The president denied any knowledge of the project's details but confirmed he met with KIP Protocol representatives in October.

KIP Protocol, a Web3 company, stated it assisted with project fund distribution but did not create the token. Analysts have raised concerns about Libra’s lack of transparency, noting that its website domain was created shortly before launch and there is no public owner information.

Source: Finance Magnates