Argentine President compares crypto losses with gambling

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The Argentine President Javier Milei defended himself after advertising a cryptocurrency whose value collapsed within a few hours after it was introduced. He compared the investors of the token after his recommendation with gambling in casinos.

President Milei on the investor fates

"The reality is when you go to the casino and lose money, what can you ask if you knew that it has such properties?" he said in an interview with the news channel TN, which was broadcast on Monday evening.

cryptocurrency $ libra and their meaning

milei said that he recommended the little -known cryptocurrency $ Libra in a tweet to X last week because he believed that this measure would boost economic growth by financing small companies. "I point out that this serves to support Argentinians, carry out the projects and have no access to financing," he said in the interview.

consequences of the recommendation

The price of the coin rose sharply after the president's support, but then quickly collapsed, which led to losses for thousands of investors. Milei deleted his tweet just a few hours after the publication and expressed doubts about the matter.

claims for the elevation

critics requested the elevation of Milei and submitted numerous criminal complaints against the president. Among them was at least one at the US Ministry of Justice, in which an illegal connection to the inspection of "numerous frauds" is claimed.

lawsuit against Milei and the developers

A complaint against the president, the developers of cryptocurrency and other people named by the Name was submitted by the political party Unidad Popular and others. It accuses the fact that "the greatest mega fraud in the history of this sector was carried out by an operation called 'Rugpull', in which the developers introduce a token behind a project to attract investors, increase their value and then take off abruptly and take the money". The plaintiffs announced on Monday that a judge was commissioned to check the complaint.

statement by the developers

CNN asked the tokens developers to comment on the case. On Saturday, the company behind the launch, Kelsier, rejected the claims that the supporters of the project were fraudsters.

sorry or not?

When asked whether he made a mistake, Milei TN replied: "No, because I also acted in good faith." He emphasized that everyone who invested in the coin volunteered this despite his tweet. "I didn't encourage it. What I did was to spread it," he added and explained that he himself did not benefit from cryptocurrency.

Ana Melgar contributed to this report.