“Cryptogate” Scandal Rocks the Milei Administration in Argentina

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Issue Feb 12-18 2025: Argentine President Javier Milei came under heavy attack for first praising the Libra cryptocurrency on his X (formerly Twitter) social media account on February 14, 2024, claiming that it could boost the country’s development through the private sector, only to quickly delete his post. But his immediate retreat did not come before many investors trusted Milei’s advice, given that he is an academically trained economist, and invested in the crypto coin, only to sustain losses in the hundreds of millions of dollars. Critics called it a classic “pump and dump” or “rug pull.” Commentators and editorialists had plenty to offer on what rapidly came to be known as “Cryptogate.”

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