Argentine Congress backs inquiry into Milei crypto scandal / Photo: Luis ROBAYO - AFP/File
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Argentine Congress backs inquiry into Milei crypto scandal
Argentina's Congress on Tuesday backed the creation of a commission of inquiry into a cryptocurrency promoted by President Javier Milei that soared then crashed, losing investors hundreds of millions of dollars.
The libertarian president hailed the $LIBRA meme coin as a "private project" aimed at "stimulating the growth of the Argentine economy, by financing small businesses and Argentine entrepreneurs."
"The world wants to invest in Argentina. $LIBRA," he wrote on the social network X on February 14, in a post he deleted hours later after the currency crashed.
Industry experts have called the operation a "rug pull" -- a scam where developers unveil a crypto token, attract investors, then quickly cash out.
$LIBRA went from boom to bust all in the space of a day.
After Milei's apparent thumbs-up, it soared in value but then plummeted 90 percent within two hours.
Milei later claimed he "did not know the details of the project."
On Tuesday, the lower house voted by 128 members in favor to 93 against and seven abstentions to launch an inquiry into the currency, which moved more than $4.5 billion and caused investors to lose approximately $250 million.
MPs also approved a resolution to summon Economy Minister Luis Caputo and Justice Minister Mariano Cuneo Libarona, among other senior officials, to testify over the affair.
A judge has been tasked with investigating Milei's connection to $LIBRA amid allegations that he was complicit in fraud, consorted with criminals or was in breach of his duties.
T.Ward--AMWN