Argentina President Javier Milei Faces Impeachment Calls After Promoting Memcoin Pump-And-Dump, But Denies Involvement
“The reality is, if you go to the casino and lose money, what is the claim?,” Milei said after he promoted the coin.
Argentinian President Javier Milei is under fire this week for promoting a memecoin that was rug-pulled in a matter of hours, leading to calls by opposition parties for his impeachment. Milei promoted a token called $LIBRA, which he promoted as a “private project” dedicated to “encourage the growth of the Argentine economy” on February 14th.
However, only a handful of hours later, after the coin soared in value, it tanked, a classic hallmark of a pump-and-dump scheme.
On Saturday, February 15th, Lookonchain reported, “The $LIBRA team has cashed out $107M! 8 wallets related to the $LIBRA team have obtained 57.6M $USDC and 249,671 $SOL($49.7M) by adding liquidity, removing liquidity and claiming fees.”
Milei eventually deleted his post and then blamed his political rivals in a fiery tweet. “To the filthy rats of the political caste who want to take advantage of this situation to do harm, I want to say that every day they confirm how vile politicians are, and they increase our conviction to kick them in the ass,” he wrote.
Some of his opponents are now calling for his impeachment.
However, even though Milei has ordered an investigation into the scandal, there is evidence that Milei knew of the project in advance. CoinTelegraph reported:
Milei has requested the Anti-Corruption Office to investigate all government members, including the president himself, for potential misconduct, according to a Feb. 16 X statement issued by Argentina’s presidential office, Oficina del Presidente.
The statement also revealed that Milei held a meeting with KIP Protocol representatives on Oct. 19, in Argentina, where the company informed him about the Libra blockchain project and its aims to finance private ventures in the country.
Milei also met with mysterious crypto entrepreneur Hayden Mark Davis at Casa Rosada on Jan. 30, who was presented to the president as an infrastructure partner for the project.
“All information gathered during the investigation will be handed over to the courts to determine whether any of the companies or individuals linked to the KIP Protocol project committed a crime,” the statement said.
However, more recently Milei denies any direct involvement. In an interview he stated:
“I broadcasted it, I didn’t recommend it, I didn’t promote it. The reality is, if you go to the casino and lose money, what is the claim?
“It is about 5,000 people, and surely the chance that they are Argentinians is very remote.”
However, as has since been revealed, some of the players involved in setting up this token project were also directly involved in the launch of $MELANIA, a memecoin named after President Donald Trump’s wife, that also rugged soon after launch on the President’s inauguration:
Hayden Davis, head of Kelsier Ventures as well as a reported founder and alleged adviser to the Libra project, tried to absolve himself from the project in an interview investigated by cryptocurrency scam investigator YouTuber Stephen Findeisen (a.k.a “Coffeezilla”).
Davis contended in the discussion that the memecoin was not a rug pull but “a plan gone very wrong, at a presidential level” and that he was “not the main player here, and I don’t want to be the main player. That’s why I’ve always sat in the facilitator standpoint.” “I wasn’t taking any money on this deal. I was doing this on behalf of Milei. I’m his adviser.”
CoinTelegraph reported:
Among his many claims — which Findeisen scrutinized throughout the interview — Davis called memecoins a casino and doubted the very concept of insider trading.
“The idea of insiders, to me, is always bullshit, because every memecoin I’ve ever known or invested in or been a part of… the people that benefit are the people that know. The people that benefit the most are the people that structure the deal.”
“The idea of insiders, to me, is always b*******, because every memecoin I’ve ever known or invested in or been a part of… the people that benefit are the people that know. The people that benefit the most are the people that structure the deal.”
Davis also admitted that he was involved in the Official Melania (MELANIA) token, which many have characterized as a rug pull. He admitted that the team wanted to use sniper bots to take advantage of price fluctuations.
“I was part of it. I think the team did want to snipe it because of how big the snipe was on Trump’s.”
Coffeezilla has since published a short documentary summarizing the main points of the story and his investigation, which is worth watching for more information.
AUTHOR COMMENTARY
As seen in Coffeezilla’s interviews, the hucksters themselves admit that this scam is on par with Sam Bankman-Fried’s failed FTX. The only difference is SBF is sitting in jail indefinitely because he scammed the rich, but scamming the “serfs” is perfectly fine and legal. And, according to Milei, after his scam was proven to be a scam, it goes from trying to promote growth and domestic small business to gambling at the casino.
Milei is also part of the “MAGA” movement (in his case, Make Argentina Great Again) one of these puppets who is out and about doing all these theatrics, promoting populism, libertarianism and reductionist policies, but is a World Economic Forum Young Global Leader who is indeed just another puppet, and just like Trump, has no issue in blatantly scamming people. It did not take very long at all last year after he got elected, he backpedaled on a lot of his initial campaign promises.
But a week after the scam began, this is already being brushed under the rug, as Milei was a speaker at this year’s CPAC meeting, where he gave Elon Musk a "Chainsaw For Bureaucracy" - a favorite campaign prop he used before he was elected; and the controlled-opposition conservative media is eating this up, of course.
Proverbs 29:5 A man that flattereth his neighbour spreadeth a net for his feet.
But don’t worry, everyone, these guys are on your team and are coming to rescue you, and lead you to the Promised Land! (sarcasm).
As I have indicated and warned before, and so do I again, crypto scams are going to be in full-force this year and into the foreseeable future. The overall trajectory of cryptocurrencies will be higher, I believe, as the world is bridged into the new tokenized economy. Therefore, expect a flood of new scams to occur; and do NOT be one of those caught up in the “FOMO” and greed.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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