February 16, 2025
LIBRA Token Controversy
Milei promoted LIBRA on social media, claiming it would boost economic growth and help small businesses. However, concerns about the coin’s legitimacy arose quickly, leading to a significant sell-off. Milei later deleted his post and distanced himself from the project.
LIBRA’s value dropped by over 80% after reports that the development team sold off a large portion of the tokens, leading many to believe that the whole thing was a scam.
Political Fallout & Impeachment Threats
While initially linked to Milei, the project’s website states that LIBRA is a private initiative developed by KIP Protocol, a Web3 platform supported by Animoca Ventures. Investigations by Solayer revealed ties between LIBRA’s creator, Arunkumar Sugadevan, and alleged Indian financial frauds, as well as links to other questionable projects.
The Argentine government has asked the Anti-Corruption Office to investigate potential misconduct by officials, including Milei. Opposition lawmakers are also considering impeachment, arguing that the endorsement has damaged Argentina’s global standing.
