Just one week after my last rant about the crypto industry, Libra happens …

Dissapointing news in the crypto world again, TDLR, in case anyone is not aware of what happened.

“In February 2025, Argentine President Javier Milei faced significant political and legal challenges following his promotion of the cryptocurrency $Libra. Milei endorsed $Libra, suggesting it would bolster Argentina’s economy. This endorsement led to a rapid surge in the cryptocurrency’s value, reaching over $4 billion. However, the value plummeted shortly thereafter, resulting in substantial financial losses for approximately 44,000 investors. Critics have labeled the incident a “rug pull” scam, where the creators inflate the asset’s value and then withdraw substantial sums, abandoning the project. In this case, the project’s backers allegedly extracted $90 million before the collapse. 

In response to the debacle, opposition politicians have filed legal complaints against Milei, accusing him of fraud and dereliction of duty. They have also initiated impeachment proceedings, asserting that Milei exploited his presidential position to artificially inflate $Libra’s value. The president’s office has denied any direct involvement in the cryptocurrency’s development, stating that Milei’s promotion was part of his general support for Argentine businesses. Nonetheless, the administration has called for an anti-corruption investigation to address the allegations. 

The scandal has not only tarnished Milei’s credibility but has also raised concerns about his economic policies ahead of the upcoming midterm elections. While it is unlikely that the opposition will secure the necessary majority to remove him from office, the incident has already negatively impacted Argentina’s financial markets and could hinder Milei’s legislative agenda. ” Summarized by chatgpt search.

Youtube video by Coffeezilla (https://www.youtube.com/watch?v=EqizJTbxAEM&t=359s&ab_channel=voidzilla).

TLDR in 2 comments from youtube:

Just to be clear the person interviewed is not Javier Milei but another person who is the main person behind $Libra.