Argentinean President Javier Mairi is fired each for crypto ragpur

Argentine lawmakers are urging President Javier Mairei after the crypto scandal wiped out hundreds of millions of dollars in investor funds overnight, according to a report from Reuters.

President Javier, who created a free market policy across his brand, posted approval for meme coin, $Libre on X (formerly Twitter) late Friday night. With an enthusiastic buyer.

After just six hours, its value collapsed to $0.84, causing accusations of rage and rug pull. The fallout was soon there. So now, Congressional opposition leaders are already critical of Mailey’s economic policies and want him.

“This scandal shames us on an international scale, but we need to launch a request for each ammo on the president,” Leandro Santoro, a member of the opposition coalition, said on Saturday.

Javier’s $Libre support had risen hours before it was removed, but by then there had been damage. Investors poured money into the token, assuming that they had the president’s support. Argentine Fintech’s office later confirmed that the case had everything in the rugpur. There, token creators raise prices, cash out, and leave buyers at financial ruin.

After deleting the post, Javier distanced himself from the project and claimed he didn’t know the details. “I wasn’t aware of the details of the project. Once I found out, I decided not to continue promoting,” he said. But his enemy clearly hasn’t bought it.

KIP Protocol, the company behind $Libre, also claimed that Javier was not involved in the project. The company, backed by Hong Kong’s Anima Caventures, claimed that $Libre is a private company with no ties to the Argentine government. “President Milei wasn’t involved in the development of this project,” KIP Protocol said in X.

Hours later, KIP revised its statement saying that launch and market making were fully managed by Kelsier Ventures, a company led by Hayden Davis. KIP rejected control of the token and argued that its role was strict after the indictment, providing technology infrastructure for AI-based projects. The company also said the team was threatened after the scandal broke out.

The bluff each drive has gained serious momentum in Congress, requiring lawmakers to know who has benefited from the rise and fall of tokens. Santoro said Javier’s support created a financial trap, even if he was not directly involved.

Former President Christina Fernandez de Kirchner, one of Javier’s most powerful political opponents, said in the debate that the scandal had devastated investors. “Thousands who trusted him lost millions and many made their fortunes for privileged information,” she said Saturday.

President Javier Milei begins investigation of Libra

Meanwhile, the Argentine presidency has released an official Libra investigation as Javier is desperately trying to distance himself from the controversy. In a statement released via X on Saturday night, the president’s office confirmed that Javier met with officials from KIP Protocol on October 19, 2024.

According to a recorded conference, the company’s plan was to use blockchain technology to fund private ventures in Argentine. The meeting was also attended by Presidential spokesman Manuel Adorni.

On January 30th, Javier met with Haydenmark Davis at Casarosada, the presidential palace in Argentina. The statement revealed that Davis had no official ties with the Argentine government and was introduced as the technology provider for the project through the KIP protocol.

Javier defended approval of the KIP protocol, claiming: investment. ”

The Bureau of Anti-Corruption (OA) will review the actions of government officials, including Javier himself, to determine whether inappropriate behavior has occurred. Additionally, the President has created a Research Task Unit (UTI) consisting of experts in crypto assets, finance and money laundering to analyze every detail of the scandal.

“All information collected during the investigation will be handed over to the court to determine whether a company or individual linked to the KIP Protocol Project has committed a crime,” the statement read.