The Historical Timeline Behind the Launch of Libra in Argentina
Libras launch in Argentina was marred by controversy and volatility, with key political figures and alleged scams playing a pivotal role in its brief history.
Initial Promotion and Surge in Price
The story of Libras launch in Argentina began on February 14, 2025, when Argentine President Javier Milei promoted LIBRA on social media. This caused an immediate surge in the cryptocurrencys price, which skyrocketed from $0.000001 to $5.20. As a result, its market cap briefly reached an astounding $4.6 billion [1][2].
Post Deletion and Market Crash
Later on the same day, President Milei deleted his promotional post, claiming that he had misunderstood the nature of the project. This caused a dramatic crash in the price of LIBRA, which plummeted to $0.99. This tumultuous event wiped out $4.4 billion from the market cap [1][5].
Rug Pull Scam Allegations and Political Fallout
On February 15, 2025, the developers of LIBRA were accused of a rug pull scam. The KIP Protocol, however, clarified that President Milei was not involved in the project [3][4]. The following day, opposition parties seized on the controversy, calling for Mileis impeachment over allegations of fraud [4].
Denial of Wrongdoing and Ongoing Investigations
On February 17, 2025, in the face of mounting pressure, Mileis administration categorically denied any wrongdoing. Investigations into the matter are still ongoing [5]. The launch of Libra in Argentina serves as a stark reminder of the volatility and uncertainty that can surround the introduction of new cryptocurrencies in the global market.
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