LIBRA investors furious as Argentinian President Javier Milei backs out – What went wrong? – BitRss

• LIBRA crypto surged and collapsed, raising concerns over political influence in volatile markets.
• The rise of politician-backed memecoins intensifies fears of market manipulation and investor losses.

Argentina’s President, Javier Milei, is facing intense scrutiny after publicly endorsing LIBRA, a little-known cryptocurrency that briefly surged before collapsing.

The abrupt price movement has triggered accusations of market manipulation, with critics questioning whether Milei’s involvement crossed ethical or legal boundaries.

What is the LIBRA memecoin, and what does Milei have to do with it?

The LIBRA memecoin, promoted by Milei, was introduced as a cryptocurrency aimed at boosting the Argentine economy by funding small projects.

The launch, announced via a post at 5:01 PM ET, created immediate speculation due to its unusual nature.

A hastily created website linked to a Google Form for funding applications went live, and the domain was registered just hours before launch.