$LIBRA Launch Linked to Argentina's Widespread Plunder of Public Funds
Argentina's President Javier Milei is embroiled in a scandal involving his promotion of cryptocurrency $LIBRA, which was launched just 23 minutes before he tweeted about it. The launch attracted massive investment, but its value plummeted to 11% of its initial price within three hours.
The loss for the 50,000 buyers who collectively invested around $251 million was substantial, while the nine founding wallets collected a significant $87 million.
Milei initially defended his actions by claiming he tweeted about it as an individual and not as President. However, the government later admitted to diverting more than 1 trillion pesos from a public fund created for road works into financial investments, similar to what $LIBRA had done in secret.
The SisVial is a trust fund that captures part of the fuel tax, with a legally exclusive purpose: road construction and maintenance. However, it appears that the government has been using this fund for other purposes, such as speculation and financial investments.