The resolutions include the creation of a special commission to examine the Libra case, summoning key members of the executive branch, and demanding an official government report. Those to be summoned include the Chief of Staff, Minister of Economy, Minister of Justice, and the head of the National Securities Commission (CNV).

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“It’s time for Congress to examine whether Argentina has been harmed. We have a duty to uncover the truth,” said Pablo Juliano of the Democracia para Siempre party. On the other hand, Nicolás Mayoraz from La Libertad Avanza criticized the move as interference with the separation of powers.

Milei and Libra

Libra, a Solana-based memecoin, was launched on February 14 by Delaware-registered Kelsier Ventures. Within hours, President Milei promoted the token on social media platform X, claiming it would support small businesses and startups across Argentina.

His post described the token as a “private project” and linked directly to the Libra website and smart contract. The token’s value skyrocketed to a $2 billion market cap before plummeting by over 90%, sparking outrage and calls for impeachment.

Milei later distanced himself from the project, stating he had no prior knowledge of it. Meanwhile, Kelsier Ventures CEO Hayden Davis claimed he had advised Milei and worked closely with his team. Davis also admitted that the team used a “sniping” strategy to gain early profits and was involved in the MELANIA memecoin, which also experienced a sharp rise and fall.

An Argentine prosecutor has requested an Interpol Red Notice for Davis, who is reportedly behind yet another memecoin that crashed shortly after launch.

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Hayden Davies Launches Wolf Memecoin: The Result? A Total Disaster!

Hayden Davies, known as the creator of Libra (LIBRA) and Official Melania Meme (MELANIA) tokens, has returned with a new Solana-based memecoin called Wolf (WOLF). On March 8, Davies launched Wolf, aiming to benefit from rumors that Jordan Belfort, known as the Wolf of Wall Street, was launching his own token.

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However, things didn’t go as planned. After its launch, Wolf reached a market cap of $42 million, but 82% of the token’s supply was controlled by a single entity. According to Bubblemaps, who shared data on March 15, this pointed to a pre-planned insider trading operation.

“The bubble map revealed WOLF had the same pattern as HOOD, another token launched by Hayden Davies. Was he behind this one too?” – Bubblemaps

Bubblemaps also reported that Davies transferred funds to 17 different addresses months before the token launches and routed them through two different blockchain networks.

Wolf Lost 99% of Its Value in Two Days!

According to Dexscreener data, Wolf’s market cap, which was $42.9 million as of March 8 at 04:00 UTC, dropped to just $570,000 within two days.

Davies’ move with Wolf came just weeks after the Libra token disaster. Back then, eight insider wallets withdrew $107 million in liquidity, causing a $4 billion market cap wipeout within hours.

Libra Scandal Turns Into a Political Crisis!

Argentine President Javier Milei was heavily criticized after endorsing the Libra token, which triggered impeachment threats. Argentine lawyer Gregorio Dalbon requested an Interpol Red Notice for Hayden Davies, claiming that if Davies remained free, he could escape the U.S. or go into hiding due to his access to large sums of money.

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Alleged Money Sent to Milei’s Sister

According to a February 18 report by La Nacion, Hayden Davis, CEO of Kelsier Ventures and known to be linked to the Libra token, sent messages to a crypto investment firm executive claiming that he paid Karina Milei to get Javier Milei the publicity he wanted.

In one of the messages, Davis allegedly used the following statements:

• “We can get Milei to tweet, we can get her face to face and we can get her promoted.”
• “I send her money and she does whatever I want.”

Davis, however, said he did not remember sending these messages and there was no record of them on his phone. He also denied making any payments to the Milei family.

Karina Milei’s Role and Involvement in the Scandal

Karina Milei, Javier Milei’s sister, currently serves as the Secretary General of the Argentine Presidency and is considered one of the president’s closest advisors. It is not yet clear whether Karina Milei, who accompanies Milei on his official trips abroad, is involved in such a financial deal.

Milei: “I Didn’t Advertise, I Just Shared”

President Javier Milei has defended himself against fraud lawsuits alleging that he promoted the Libra token. “I didn’t promote it, I just announced it, ” he said in an interview with Todo Noticias on February 17.

Milei also stated that he had “nothing to hide” and “acted in good faith”. However, he acknowledged that he had learned from the incident and that in the future he would “need to filter what content is appropriate to share and what is not.”

Milei also emphasized that the state should not play a role in such matters, saying, “Only the parties involved are responsible here, the state has no role. “

Conclusion: Is the Scandal Deepening?

• Milei has denied any direct connection to the Libra token, but the allegations have caused a public outcry.
• While the opposition has called for the impeachment of the head of state, Davis’ messages may cause the incident to deepen.
• Libra token victims are exploring legal avenues to recover their losses.

While this scandal has increased pressure on the Milei government, it is predicted that the Libra token incident could lead to larger-scale investigations.

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The LIBRA Memecoin Scandal Escalates!

The founder of the Solana-based Pump.fun platform emphasized the necessity of new regulations for token launch platforms. On February 18, Alon expressed his “great discomfort” over the LIBRA memecoin launch, calling it an “insider scam” in a post on X.

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LIBRA was introduced as the official token of Argentina by President Javier Milei on February 15. However, shortly after, certain wallets siphoned $107 million from the token’s liquidity pool, and Milei deleted his post endorsing the token. This resulted in LIBRA losing $4.4 billion in market capitalization in just six hours.

Alon: “New Measures Must Be Taken!”

Pump.fun founder Alon argued that token launch platforms should implement stricter rules to enhance security and protect investors.

According to Alon:

• Users should be educated on how to create coins safely and ethically.
• Platforms should be made more user-friendly for new investors.
• The visibility of tokens showing suspicious trading patterns or ownership structures should be restricted.

Resignation Shock at Meteora!

Meanwhile, Meteora co-founder Ben Chow announced his resignation due to “poor judgment” on certain critical matters within the project.

Meow, the founder of Jupiter, denied allegations that their teams were directly involved in the LIBRA token launch, stating that no insider information was used for personal gain. Chow also assured that neither he nor the Meteora team engaged in any illegal transactions regarding LIBRA.

Finally, Meow revealed that they had hired Fenwick & West, a law firm, to conduct an independent investigation into the situation and release a detailed report.

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The post New Measures for Memecoins Following the Libra Scandal! appeared first on Coin Engineer.

Insiders Pulled $107 Million

On-chain analytics platform Lookonchain reported that at least eight wallets linked to the Libra team drained liquidity from the token, withdrawing 57.6 million USDC and 249,671 SOL (worth approximately $49.7 million).

Lookonchain stated:

“The LIBRA team has cashed out $107 million! Eight wallets linked to the LIBRA team acquired 57.6 million USDC and 249,671 SOL by adding liquidity, removing liquidity, and claiming fees.”

This massive rug pull happened just three hours after the token was listed on decentralized exchanges.

How Did Libra Token Collapse?

Initially, Libra surged to a market capitalization of $4.56 billion shortly after launch. However, following the insider cashouts, the token’s market cap plummeted to $257 million within 11 hours.

Following the collapse, Argentine President Javier Milei deleted his X (formerly Twitter) post endorsing the token. Later, he issued a statement blaming political opponents, saying:

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“To the filthy rats of the political caste who want to take advantage of this situation to cause harm, I want to say that every day they confirm how vile politicians are, and they only strengthen our conviction to kick them out.”

Warnings Were Issued Before the Collapse

Several blockchain analysis firms had already warned investors about Libra’s flawed tokenomics. Bubblemaps revealed that 82% of the token supply was unlocked and could be sold immediately, raising serious concerns.

Additionally, the project failed to provide any preliminary information about its tokenomics—another major red flag for experienced crypto traders.

Memecoin Craze Continues

Despite the risks, celebrity-endorsed memecoins continue to attract significant investor interest. On January 18, Donald Trump launched his Trump (TRUMP) token, followed by Melania Trump‘s Melania Meme (MELANIA) token on January 19.

Although these speculative projects are highly volatile, some investors manage to profit from them. On February 14, a crypto trader made $28 million in profit by buying the Broccoli memecoin, inspired by Binance co-founder Changpeng Zhao’s dog. However, speculation remains that this wallet may have been an insider.

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The first nation in the world to adopt Bitcoin as official currency in 2021, Juan Carlos Reyes, the president of the National Digital Assets Commission (CNAD) of El Salvador, visited with vice president Patricia Boedo and securities president Roberto Silva.

Held in Buenos Aires, the National Securities Commission’s (CNV) headquarters, the meeting’s main focus was Bitcoin. Official Juan Carlos Reyes from El Salvador spoke with Argentine officials about his experience with Bitcoin since 2021.

The parties also talked about the more important role Bitcoin plays in the world economy.

President of Argentina’s National Securities Commission, Roberto Silva, commended El Salvador’s advancement in the bitcoin scene and remarked:

“El Salvador has shown itself worldwide in the larger domain of digital assets in addition to Bitcoin usage. We want to get closer to them and boost possible cooperation agreements even further.”

Juan Carlos Reyes also said that they will greatly boost their cooperation with Argentina in the sphere of technology, as Argentina is a nation that is developing more and more daily in this regard.

Known for his strong remarks against central financial institutions, particularly the Central Bank of Argentina, Javier Milei, the recently appointed president of Argentina, contends that a limited supply of Bitcoin is a logical reaction to inflation.

The post Argentina and El Salvador Strengthen Bitcoin Ties appeared first on Coin Engineer.

Argentinian foreign affairs and international trade minister Diana Modino, confirmed in a statement at X, “We confirm and verify that you can agree on contracts made with Bitcoin in Argentina. She said.

She added, “And maybe any other kind of crypto or a bunch of beef or something like liters of milk.” By publishing an article of the current law.

Modino, remained insufficient in providing detailed information about new measures related to crypto that the government might plan, but the early approval for the world’s largest cryptocurrency is in line with the views on monetary policy of newly-elected President Milei due to serious problems with hyperinflation and the global currency of the local currency.

Milei views Bitcoin as a very important tool to resist the inefficiencies and corruptions of central financial systems, as stated in a report by Grayscale Investments last month. If the second-largest economy in South America starts using Bitcoin more frequently, it could catalyze the use of crypto worldwide.

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First Step

Some Argentinians are embracing digital currencies as the value of their local pesos drops, while others still prefer to trade illegal money.

While the confirmation may not be a surprise for some, Argentina officially approving the use of bitcoin in contracts could be the first step towards potentially adopting crypto on a larger scale in the country.

Last month, after Milei’s election, Ledn co-founder Mauricio Di Bartolomeo commented, “Argentinians will soon be able to legally transact with bitcoin and stablecoins.”

The post Early Approval for Bitcoin from Argentina! appeared first on Coin Engineer.

Earlier this year, when speaking about Bitcoin, Javier Milei used the phrase, “We need to understand that the central bank is a hoax.” He continued by emphasizing a return to the private sector, the true creator of money, represented by “what Bitcoin represents…“

However, Milei did not propose making Bitcoin legal tender. Instead, he called for the removal of the central bank and the dollarization of the economy, in response to the Argentine economy being rocked by inflation reaching 142% in October.

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Trading quietly for a large portion of the weekend, BTC rose late in the afternoon on Sunday after discussions related to a strong performance for Milei. Supported by this speech, BTC soared by about 3.60% within the last 24 hours to $37,500.

The economic reform proposals put forth by Milei reflect a bid to offer alternative solutions to Argentina’s economic challenges.

However, how these proposals will develop over time in terms of feasibility and impact remains a subject of curiosity. Milei’s approach to Bitcoin and economic proposals could stir more debate in financial and political circles.

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During a presidential debate on October 2, the country’s second major candidate explained his plans to “solve” the country’s devastating inflation after stating, “I clearly see that inflation is a big problem in Argentina.” He stated, “We will launch digital money in Argentina. This is something we will do globally across Argentina, and it will come with a whitewash law that allows them to bring and freely use their foreign exchange without new taxes.”

Massa, who currently serves as finance minister, has rejected the idea of Argentina switching to the US dollar: “Dollarization is what creates the allure of the dollar. Be patriotic and defend our currency, do not encourage the use of the US dollar,” he said.

Argentina’s general elections will take place on October 22.

Two of the three main election polls indicate that Massa is slightly behind, while Bitcoin-supporting candidate Javier Milei, who opposes the central bank, appears to have won Argentina’s August preliminary elections.

Milei had previously indicated his desire to adopt the American dollar as Argentina’s currency. As an economist and libertarian, he has long displayed a skeptical stance toward central banking. One of his election promises is to abolish Argentina’s central bank. Milei previously described Bitcoin as a reaction against “central bank fraudsters” and said the Argentine peso was allowing Argentinians to be deceived by inflation. The Argentine peso has lost over 99% of its value against the US dollar since December 2023.

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As the adoption of cryptocurrencies increases, the dynamics of countries are becoming a subject of curiosity. Especially, the trajectory of crypto is gaining attention in the lead-up to the 2024 presidential elections in the US.

Presidential elections in Argentina are also maintaining their intensity. One of the presidential candidates in Argentina is known for their close association with Bitcoin. The environment for Bitcoin in Argentina is positive.

Javier Milei, a libertarian president candidate who advocates for the abolition of the central bank and speaks positively about Bitcoin, was leading in the pre-presidential primary elections held in Argentina on Sunday.

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According to Bloomberg data, based on the counting of 90% of the votes, Milei is in the lead with 32%. The conservative party “Together for Change” follows with 30%. Pre-election polls had suggested that Javier Milei wouldn’t finish today’s voting in the third position.

Javier Milei previously stated, “The central bank is a deception, a mechanism where politicians deceive good people with inflationary taxes.”

While expressing a positive stance towards cryptocurrency, Milei did not advocate for the use of Bitcoin as legal tender in Argentina (similar to El Salvador). Instead, he advocated “dollarizing” the economy, which is currently struggling with a triple-digit inflation rate.

Milei is striving for the dissolution of the Central Bank of Argentina and identifies himself within an anarcho-capitalist framework. With a slightly more specific character, Milei denies the existence of global warming. The general presidential election in Argentina will take place on October 22nd, and in these elections, any candidate must secure at least 45% of the overall votes. If the elections proceed to a second round, the final stage will occur in November.

Milei’s stance against the traditional monetary system and his approach to Bitcoin position him as one of the crypto-friendly leaders. Although he secured a substantial portion of the votes in the primaries, the end of the tunnel is not yet in sight for Milei.

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The post Bitcoin Supporter Presidential Candidate Unexpectedly Ahead in Argentina! appeared first on Coin Engineer.