- President Javier Milei could be in serious trouble as the fallout from the $LIBRA scandal grows
- Allegations have emerged that Hayden Davis, $LIBRA’s co-creator, influenced President Milei through payments to his sister, Karina Milei
- The scandal has prompted legal investigations and calls for President Milei’s impeachment
It is a question that no one even thought was possible to be asked: could a president be brought down by a memecoin? But this is the reality facing Argentine President Javier Milei, whose catastrophic endorsement of $LIBRA might see him ousted. Things were already looking bad for Milei after the collapse of $LIBRA shortly after his promotion on X, but an interview with the project’s founder has suggested a deeper level of complicity that adds fuel to the argument that he should be impeached.
$LIBRA Promotion and Collapse
On February 14, 2025, President Milei promoted the $LIBRA cryptocurrency on his social media platforms, presenting it as a private initiative aimed at stimulating Argentina’s economy by funding small businesses.
The endorsement caused the token’s value to surge from $0.000001 to $5.20 within minutes, but the price plummeted shortly thereafter, resulting in significant financial losses for approximately 40,000 investors. In response to the backlash, President Milei deleted his promotional posts and claimed he was not fully informed about the project’s specifics.
The scandal has led to Argentina’s Anti-Corruption Office launching an investigation into whether any government officials had financial ties to $LIBRA. Experts argue that even if Milei was not directly involved, his influence as a public figure played a crucial role in the token’s market behavior.
Milei’s Sister Implicated
If things looked bad for Milei already, they were inflamed yesterday when it was revealed through text messages that Hayden Davis, CEO of Kelsier Ventures and co-creator of $LIBRA, boasted about his influence over the President. Davis claimed he could “control” the Milei by sending money to his sister, Karina Milei, stating, “I send $$ to his sister and he signs whatever I say and does what I want.” These assertions have intensified scrutiny over the president’s involvement in the cryptocurrency’s promotion and raised questions about potential corruption within his administration.
The scandal, dubbed “Cryptogate,” has led to over 100 legal complaints against President Milei, accusing him of participating in a fraudulent scheme that caused widespread financial harm. Opposition leaders have called for his impeachment, with former President Cristina Kirchner referring to Milei as a “crypto fraudster.” While President Milei denies any wrongdoing and maintains that he received no personal benefit from the $LIBRA promotion, the controversy has significantly damaged his reputation and raised questions about the stability of his administration.
If these allegations turn out to be true and have evidence to back them, we could, indeed, see the first president brought to ground by a meme coin.
