Argentina’s President Javier Milei Promotes, Then Deletes Post on LIBRA Crypto Token Amid Scam Concerns

On Friday, Milei promoted the LIBRA token on X (formerly Twitter), stating that funds raised would support Argentine small and medium-sized enterprises (SMEs). He emphasized that the project was privately managed and that he would not receive personal financial gain.

The token, linked to Milei’s libertarian ideals and possibly his La Libertad Avanza party, was associated with KIP Protocol, whose website features a photo of Milei with KIP’s co-founder, dated October 20, 2024.

However, KIP Protocol denied involvement in the token launch, posting on X that they did not profit from the day’s activities and had no role in promoting the token.

Public Panic and Swift Retraction

The post triggered a wave of public concern, with some questioning whether Milei’s account had been hacked or if he had been misled by scammers. Even Community Notes on X, the platform owned by Milei’s ally Elon Musk, warned users about potential crypto scams or “rug pulls.”

Within five hours, Milei deleted the post, stating that he was unaware of project details and had chosen to withdraw support after learning more.

Economic Turbulence Compounds Challenges

The controversy comes as Milei faces mounting economic pressure despite his pro-market reforms:

• US tariffs under President Trump threaten Argentine exports.
• Nissan is cutting car production, and Mercedes-Benz announced its exit from Argentina.
• The government’s cancellation of a Rio Parana dredging auction disrupted key agricultural exports.