Argentina’s President Javier Milei faces threats of forgery after joining a cryptocurrency called weight, alleged to support small businesses that instead crashed and lost billions of dollars in value within hours, according to Reuters.
In a now-plated late Friday post on X, Milei promoted the weight as a privately run project designed to raise money for small and medium-sized Argentine companies, adding that he will not reap personal gain from the project.
The token rose rapidly to a market value of about $ 4.5 billion in the midst of confusion over the legitimacy of Mileis tweet, with speculation that his report may have been compromised or that scammers had deceived him.
Milei deleted the position five hours later and said he “was not aware of the details of the project” and now informed, has chosen not to continue promoting it.
The market then panicks, with insiders’ payment of token’s $ 87.4 million, according to data sources Kobeissi Letter and Bubblemaps. Tokens market capital crashed 90%and deleted over $ 4 billion in market capital.
The country’s Fintech Chamber said the weights of the weight could potentially be a “carpet draw” where developers give up a project after taking cash from the original sale.
“This scandal, which is bothering us on an international scale, requires us to launch a request for counterfeiting against the president,” said Legis Leandro Santoro, a member of the Argentine opposition coalition, on Saturday, according to Reuters.
