Javier Milei Denies Promoting LIBRA Token as Fraud Probe Intensifies

• Javier Milei denies promoting LIBRA, stating he only shared information.
• Meteora’s co-founder Ben Chow resigned over alleged involvement in LIBRA.

Argentina’s President Javier Milei has denied promoting the controversial LIBRA token, which collapsed after a brief surge. He claims he only shared information about it. His comments come as fraud lawsuits and an official probe into the incident gain momentum.

On February 17, Milei told Todo Noticias,

“I did not promote that. What I did, I spread the word.”

He defended his actions, saying he acted in “good faith” and had “nothing to hide.” The scandal erupted after he mentioned the Solana-based LIBRA token on X on February 14. 

The Argentine federal prosecutor’s office investigates whether Milei engaged in fraud or criminal association. The NGO Observatory for the Right to the City alleges that Milei was part of a “criminal organization” behind a fraud affecting over 40,000 investors. Milei dismissed this claim, arguing most were likely bots and that only about 5,000 people were impacted.

The controversy has also sparked a political backlash. Opposition figures, including former President Cristina Kirchner, labeled Milei a “crypto-scammer.” Lawmakers are pushing for his impeachment, though it is unlikely to succeed. 

Ben Chow Resigns Amid LIBRA Token Scandal

Meanwhile, the LIBRA controversy has also led to the resignation of Ben Chow, co-founder of the Solana-based decentralized exchange Meteora. Chow stepped down following allegations that he privately received or managed LIBRA tokens before the crash.

Meow, the pseudonymous co-founder of Meteora and Jupiter, announced Chow’s resignation on X. Meow assured the community that neither project engaged in insider trading. However, Chow’s judgment regarding Meteora’s operations was questioned.

Meteora and Jupiter have hired legal firm Fenwick & West to conduct an independent investigation to address concerns. The findings will be made public to maintain transparency. Reports suggest insiders cashed out over $100 million while retail investors faced heavy losses. This has fueled speculation of market manipulation and rug-pull tactics.

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