Argentine President Javier Miley faces impeachment over cryptocurrency fraud, which opposition members accuse him of.
February 14 Miley опубликовал on the social network a message about the release of a new token Libra (LIBRA). In a few hours, this digital asset increased in price several times, but after Javier deleted the post about the cryptocurrency, its value fell by more than 94% in a matter of hours.
Miley’s publication about the cryptocurrency LIBRA
Blockchain sleuths found out that insiders made at least $20,2 million trading LIBRA. However, traders who bought the coins and did not have time to sell them at the peak suffered huge losses, because the capitalization level of LIBRA reached $4,56 billion.
The Rise and Fall of the LIBRA Rate
The Argentine Financial and Technological Chamber suspected the creators of LIBRA of implementing a fraudulent scheme called Back PullAccording to experts, the project team got rid of digital assets when their price rose sharply, thus triggering a dump.
In his defense, Javier said he did not know the details of the cryptocurrency startup when he wrote about it on social media. Miley believes that the token’s rate collapsed because of his political opponents.
This scandal discredits us internationally, so we must launch impeachment proceedings against the president [Javier Miley], said opposition coalition member Leandro Santoro.