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Milei's LIBRA fallout escalates ☢️
Argentina's stock market dipped Monday after the country's President, Javier Milei, endorsed and then disavowed a meme coin whose price collapsed.
Stephen Graves
February 17, 2025
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📝 What you need to know
The fallout from the weekend collapse of LIBRA, the meme coin endorsed and then disowned by Argentine President Javier Milei, continued to spread Monday morning.
Argentina’s stock market dipped by over 5% as trading opened, while Milei himself has been hit with fraud charges over the meme coin launch, and faces the possibility of impeachment. Solana crypto exchange Jupiter revealed that the launch of a token linked to Milei had been an “open secret” in meme coin circles, while asserting that there was no evidence of insider trading relating to the LIBRA launch among its team.
Meanwhile, blockchain sleuths claim to have uncovered on-chain evidence that links the LIBRA token’s issuers to the team behind MELANIA, the meme coin launched by U.S. First Lady Melania Trump.
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