President Javier Milei might be the first President to be under scrutiny and now investigation for promoting and misleading his people to purchase a fraudulent memecoin. In a now deleted post, the President shared a link to the Libra project, stating that the project would fund small Argentine businesses and startups.

Following his social media post, it triggered a massive surge and interest in the coin, leading the coin to shoot up and hit a token market capitalisation of $4.5b.

The token price also soared from almost zero at the time of its launch to nearly $5, according to trading sites. But within hours, Milei deleted his post, causing the token's price of collapse.

A classic rug pull

Investors who have lost millions of dollars from their investment in the cryptocurrency have been enraged by Millei's actions, calling what he did a classic rug pull.

Despite all the evidence that is pointing towards his wrongdoings, President Milei is adamant that he had done nothing wrong. He explained that he was just sharing information through that social media post and he wasn't trying to promote the cryptocurrency.

"I'm not an expert. My speciality is economic growth, with and without money... As a guy who's a super technology enthusiast seeing the possibility of a tool to finance entrepreneurs' projects, I spread the word."

During in an interview, President Milei also said that he acted in "good faith" and dismissed investors' complaints, comparing their action to people who gamble.

"If you go to a casino and lose money, what's there to complain about when you knew the risks?"

In another statement, Milei also attempted to downplay the scale of the damage. According to reports, the President tried to dismiss reports that stated that more than 44,000 investors had suffered losses, claiming the actual number was closer to 5,000.

He also claims that most of the affected investors were from China and the U.S, not Argentina.

LIBRA blaming President Milei for the coin's downfall

The project leaders behind $LIBRA have also blamed President Milei's for the downfall of the cryptocurrency. According to Hayden Davis, a figure linked to the Libra project, President Millei had initially made his endorsement for the project clear, having even ensured the project leaders of his full backing before suddenly backing out-leading to LIBRA's market collapse.

But unsurprisingly, Milei has also denied these claims as well. During a televised interview with Todo Noticias on Monday, Milei revealed a shocking revelation that he has been meeting with the creator of Libra, but he has denied any intention of promoting the cryptocurrency for investment.

Shortly after deleting his first social media post, President Milei distanced himself from the project, posting that he had no prior knowledge of the token's details and had decided to stop promoting it after learning more.

Despite his defense, Milei now faces fraud allegations over claims that he promoted a fraudulent cryptocurrency. Over the weekend, local attorneys filed a criminal complaint against him, claiming that the President has was a fundamental participant in the development, execution and planning of the mega-scam related to the launch of the LIBRA token.

Opposition lawmakers are also calling for Milei's impeachment, claiming that this scandal has caused the country embarrassment on an international level. Myriam Bregman, a prominent socialist leader and former Presidential candidate, has also called Milei to answer to the congress and for Milei to be accountable for his actions.

But in a TV interview, Milei appeared combative, stressing that he had "nothing to hide."