Lawmakers in Argentina are taking motion to analyze a cryptocurrency scandal involving the nation’s president, Javier Milei.
On February 14th, the value of the newly launched LIBRA memecoin surged after Milei posted in regards to the venture on his social media accounts.
Inside hours, the token crashed, inflicting over 75,000 retail traders an estimated $280 million in losses. Milei eliminated his posts 5 hours after making them.
The incident prompted allegations of a rug pull rip-off, which occurs when backers hype and inflate the value of a crypto asset after which out of the blue abandon the venture after taking the traders’ funds.
The Chamber of Deputies, the decrease home of the Argentine Nationwide Congress, is now pushing ahead with the investigation of the scandal following the approval of three draft resolutions associated to LIBRA.
The primary decision to create an investigative fee was accredited with 128 votes in favor, 93 towards and 7 abstentions.
The second, which seeks to query government department officers, together with Chief of Employees Guillermo Francos, Minister of Financial system Luis Caputo, Minister of Justice Mariano Cúneo Libarona and head of the Nationwide Securities Fee (CNV) Roberto Silva, obtained 131 affirmative votes and 96 detrimental votes.
The third decision to request reviews from the nationwide authorities on varied points related to the Libra cryptocurrency was accredited with 135 votes in favor, 84 towards and 7 abstentions.
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