Argentine President Milei accused of “alleged fraud” over crypto scandal

A congressional commission in Argentina has released a damning investigative report accusing President Javier Milei of possible fraud after he publicly promoted a cryptocurrency project that later crashed, wiping out vast sums invested by the public.

The report, issued Tuesday by the Chamber of Deputies and driven by opposition lawmakers, concluded that “the facts analysed would be compatible with an alleged fraud,” placing direct “political responsibility” not only on President Milei but also on his influential sister and adviser, Karina Milei.

Trouble began in February when Milei enthusiastically endorsed a meme coin known as $LIBRA, declaring on social media: “The world wants to invest in Argentina. $LIBRA.” His post triggered a frenzy among local and international investors who poured hundreds of millions of dollars into the token.

But within 24 hours, the project collapsed.

Industry analysts later described the operation as a textbook “rug pull” — a deceptive scheme where developers pump a token, attract buyers, and suddenly disappear with the funds.

As public outrage grew, Milei tried to distance himself, insisting he “did not know the details of the project.”

That explanation has done little to calm the storm. Dozens of legal petitions have been filed against the president and several individuals connected to the token’s creators. These complaints have now been merged into a single case under one judge and prosecutor, who are leading the wider criminal probe.

The report increases pressure on Milei, whose controversial economic overhaul and confrontational political style have already deepened tensions in the country.

More developments are expected as investigators continue to gather evidence.