Argentine Lawyer Accuses Milei of Fraud, Class Action Lawsuit Related to $LIBRA

Argentine lawyers are said to have filed a criminal lawsuit against Argentine President Javier Milei for promoting a cryptocurrency that surged in value in a short period and then sharply declined over the weekend The original Solana token code of the Libertad project, Libra (LIBRA), has increased to a market capitalization of $4.56 billion on February 14, after Milei posted about this token on X. Subsequently, the price of this token dropped more than 94% after he deleted the post, sparking allegations of a pump and dump scheme. According to the report on February 17 by the Associated Press, lawyers Marcos Zelaya and Jonatan Baldiviezo, along with engineer María Eva Koutsovitis and economist Claudio Lozano, filed a criminal complaint accusing Milei of complicity in fraudulent behavior by promoting Libra.

Baldiviezo also accuses Milei of violating the Code of Ethics for Public Officials, the framework in Argentina for state officials, requiring them to declare their holdings and conflicts of interest. Baldiviezo said: "In this illegal relationship, the fraud has been committed, in which the action of the president is necessary". According to the report of the Associated Press, a judge will be appointed to handle the case or the case will be transferred to the prosecutor for further investigation on February 17. Meanwhile, Argentine lawyer Agustín Rombolá, founder and partner of Rombola Mangione law firm, has filed a separate legal complaint about Milei's promotion of Libra In a statement dated February 16 sent to X, Rombolá, also a member of the Argentine political party Unión Cívica Radical, accused Milei of "fraud, inappropriate negotiation for public office, price manipulation, and financial crimes."

Rombolá also indicated that his company is preparing a class action lawsuit for those who may have invested in this token and lost money #Write2Earn # The Argentine presidential office did not immediately respond to a request for comment After this currency collapsed, Milei requested the Anti-Corruption Office to investigate all government members, including himself, for hidden misconduct, and the investigation results will be shared with the court, the Office of the President of Argentina said in a statement. The presidential office declared that the president was not aware of the detailed information of the project when he approved it and had no connection with the token issuer company. However, Milei revealed that he had a meeting with representatives of the KIP Protocol on October 19 in Argentina, where the company informed him about the blockchain project. KIP Protocol, a Web3 company building AI payment infrastructure, said they are a technology consulting company hired to help distribute project funds to local businesses in Argentina. However, they stated that they do not create tokens or act as a market maker. Some analysts also raised concerns about the project after discovering that the Libra website domain was created a few hours before its launch with no public information about the owner. Opposition lawmaker Leandro Santoro told Reuters that he will bring impeachment proceedings against the president.

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