The scandal is about LIBRA, a meme coin Milei was marketing before insiders offloaded $105 million, causing massive losses to investors. The Argentine stocks dropped by nearly 6% from the crisis.
US citizen Hayden Davis, CEO at Kelsier Ventures, admitted to involvement in the release of the coin in an interview with Coffeezilla. Davis did not admit Milei had any interest in the money from LIBRA but acknowledged insider trading methods linked to the coin. He also admitted involvement in some other dirty schemes like MELANIA and TRUMP.
US jurisdiction would be applicable if American investors were being defrauded, and a lawsuit would be possible. Davis remained firm, although his words added more weight to the investigators.
Argentine lawmakers are demanding the impeachment of Milei because of his support for the coin and subsequent market crash. The president has since deleted his tweet supporting LIBRA, claiming ignorance of the project details.
US officials have yet to comment on whether anyone would be charged, but Argentina’s financial and political elite are left stunned as the probe unfolds. The scandal represents another high-profile case testing the intersection of crypto, politics, and international law.
