Argentina President Milei Backpedals on LIBRA Meme Token After 89% Plunge in Value
- President Javier Milei withdrew his support for LIBRA, citing a lack of due diligence.
- LIBRA’s price crashed nearly 89% within hours, with allegations of a pump-and-dump scheme.
- On-chain analysts flagged suspicious fund movements and centralized control of the token supply.
Argentina’s President Javier Milei has retracted his endorsement of the LIBRA meme token, stating he had no connection to the project. His reversal comes after the token’s price tanked almost 89% in just hours, sparking alarm in the crypto community.
Milei had initially promoted LIBRA in a now-deleted post on X, linking it to the Viva La Libertad Project, which claimed it would help Argentina’s economy by funding small businesses.
However, after learning more details, he took down his tweets and clarified that he had not conducted proper due diligence before endorsing the project. In his words:
<blockquote> “I initially supported a supposed private enterprise with which I have no connection. After becoming aware of the details, I decided to discontinue spreading the word.” <blockquote>
LIBRA’s Price: Up Fast, Down Faster
Right after Milei’s initial endorsement,…
The post Argentina President Milei Backpedals on LIBRA Meme Token After 89% Plunge in Value appeared first on Coin Edition.
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Argentina President Milei Backpedals on LIBRA Meme Token After 89% Plunge in Value
- President Javier Milei withdrew his support for LIBRA, citing a lack of due diligence.
- LIBRA’s price crashed nearly 89% within hours, with allegations of a pump-and-dump scheme.
- On-chain analysts flagged suspicious fund movements and centralized control of the token supply.
Argentina’s President Javier Milei has retracted his endorsement of the LIBRA meme token, stating he had no connection to the project. His reversal comes after the token’s price tanked almost 89% in just hours, sparking alarm in the crypto community.
Milei had initially promoted LIBRA in a now-deleted post on X, linking it to the Viva La Libertad Project, which claimed it would help Argentina’s economy by funding small businesses.
However, after learning more details, he took down his tweets and clarified that he had not conducted proper due diligence before endorsing the project. In his words:
<blockquote> “I initially supported a supposed private enterprise with which I have no connection. After becoming aware of the details, I decided to discontinue spreading the word.” <blockquote>
LIBRA’s Price: Up Fast, Down Faster
Right after Milei’s initial endorsement,…
The post Argentina President Milei Backpedals on LIBRA Meme Token After 89% Plunge in Value appeared first on Coin Edition.
Read More