News 
February 17, 2025 
4 min. 
Argentina President, Javier Milei, is facing legal action after allegedly promoting a cryptocurrency project that skyrocketed in value before collapsing within days. The controversy has led to multiple legal complaints accusing Milei of fraud and market manipulation, sparking a broader debate about political endorsements in the digital asset space.
More on Argentina Legal Complaints and Allegations
A group of Argentine lawyers has officially filed charges against President Milei in a criminal court, accusing him of promoting the Libertad project’s native token, Libra (LIBRA), in a way that misled investors. The token experienced a massive rally, reaching a market capitalization of $4.56 billion on February 14, shortly after Milei endorsed it on X. However, when the president later deleted the post, the token’s value plummeted by over 94%, raising suspicions of a pump-and-dump scheme.
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The complaint, led by lawyers Marcos Zelaya and Jonatan Baldiviezo, engineer María Eva Koutsovitis, and economist Claudio Lozano, alleges that Milei played a role in fraudulent activity by promoting the cryptocurrency. A judge is set to be assigned to the case or refer it to a prosecutor for further investigation.
In a separate move, lawyer Agustín Rombolá, founder of Rombola Mangione law firm and a member of the Argentine political party Unión Cívica Radical, has also filed a legal complaint against Milei. In a statement posted on February 16, Rombolá accused the president of fraud, price manipulation, financial crimes, and engaging in negotiations that are incompatible with public office. His law firm is also preparing a class-action lawsuit for investors who suffered financial losses due to the token’s collapse.
Milei’s Response and Government Actions
Reacting to the débat, president Milei has ordered an investigation, including his person, by Argentina’s Anti-Corruption Office looking into all government members’ conduct related to the affairs. As stated by the presidential office, the results of this investigation are anticipated to be made available to the courts.
Milei has sustained that he was informed about any details of the project dubbed Libertad prior to endorsing it, and denied knowing anything in relation to the company behind the project who issued the token. On the other hand, he did concede a meeting with KIP Protocol representatives in Argentina on the 19th of October 2024. This statement, however, has raised more questions regarding how much he was involved and if he oversaw enough details before making the claim.
As the case transitions to the next phase, it encounters dilemmas and the legal activities on the matter will be extraordinarily complex due to the blurring of lines around the world of politics and finance, especially pertaining to the assets of cryptocurrencies. Given the current economic crisis in Argentina, this particular situation might have disastrous consequences for the Milei’s presidency as well as the digital assets climate as a whole in the country.
