Milei’s ‘Libragate’ scandal, explained: What’s behind the controversy?

Milei’s LIBRA crypto post sent prices soaring, then crashing. The controversy has left investors dealing with losses and Milei facing a legal and political fallout.

An X tweet by Argentine President Javier Milei resulted in a crypto controversy threatening his political position. It all started when Milei endorsed the token LIBRA on X, describing it as a project focused on boosting economic growth by supporting small businesses and startups. 

Given Milei’s 3.8 million followers and the credibility he brings in as a president, the token’s value surged from near zero to $5, briefly reaching a $4-billion market capitalization. 

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