Okay, here is the rewritten article in a professional news format, structured for clarity and concise reporting, presented in HTML format without the original’s decorative elements.
LIBRA Meme Coin Launch Investigated After Dramatic Value Drop
In February, Argentine President Javier Milei promoted the LIBRA meme coin, which experienced a drastic price collapse shortly after its debut. Memicoin promoter Jason Lawlor, funded by Milei ally Gustavo Silva, was also named by investigators. Investigations have been launched by government corruption offices following the Solana-based token’s precipitous decline.
Main Event
- Promotion: President Milei amplified the SOL-traded LIBRA (described as “insanely reflecting the Argentinian market”) on X.
- Peak and Crash: LIBRA’s price surged briefly to nearly $5 before plummeting 90% of its initial value, spurring accusations of a pump-and-dump scheme.
- Investigation Initiated: Per opposition calls, Argentina’s anti-corruption body opened a probe into actions, potentially connected to prior investigations.
Investigation and Outcome
The Anti-Corruption Directorate filed court documents this week indicating no wrongdoing by President Milei, prohibiting him from challenging the investigation’s conclusion. However, the financial integrity probe continues.
“There is no evidence that President Milei himself is the victim of criminal conduct, nor did he intervene specifically in the creation, management, or commercialization of the coin LIBRA,” stated lawyer Héctor Andúchicávaro-Sanzeghi, author of the provided investigation summary.
Milei’s office confirmed his personal involvement on X but denies any improper benefit stemming from the LIBRA campaign.
Broader Context and Repercussions
The swift value decline likely led to considerable losses for a subset of investors. Milei, widely criticized for hyperinflation and a weakened peso during the last term, faced pressure from his own party (Juntos por el Cambio) over his role.
- History: Before becoming President, Milei faced 2022 civil court action for promoting CoinX, a crypto platform, on Instagram.
- Recent Action: Facing political strain, Milei dissolved the Juntos por el Cambio investigative task force established for his case.
Meme Coin Basics
Meme coins (like Dogecoin) offer no intrinsic value; their influence stems from internet humor, social media hype, and savvy炒作 by creators. They are highly volatile, often trading briefly at elevated highs before collapsing.
LIBRA’s launch follows the January inauguration of U.S. President Donald Trump, who promoted his own meme coin, Official Trump, on Solana.
