Milei's crypto post costs whale $2.78 million

An investor, known as a whale, lost $2.78 million trading LIBRA (CRYPTO:LIBRA) after Argentinian President Javier Milei retweeted about the Solana-based (CRYPTO:SOL) meme coin.

Milei's actions led to significant volatility, with the coin spiking to $0.75 before plummeting 50% to $0.3625.

Milei is facing legal action and calls for impeachment due to his promotion of the cryptocurrency LIBRA on social media.

Critics have accused Milei of orchestrating a "rug pull," where promoters attract buyers, then halt trading and abscond with the funds.

According to the Associated Press, Argentine lawyers have filed criminal fraud charges against President Javier Milei, alleging his promotion of $LIBRA led to financial losses for investors.

The lawsuit accuses Milei of participating in an “illicit association to commit fraud” after he promoted the coin on social media, only to delete the post hours later.

Milei defended his actions, stating he was simply sharing information about $LIBRA, not actively promoting it.

"I didn’t promote it, I shared it," Milei explained.

He claimed he was driven by "techno-optimism" and a desire to improve financing for technology entrepreneurs.

Milei admitted to meeting with the creators of LIBRA, stating that his social media post was intended to raise awareness and support Argentine businesses.

"As a guy who’s a super technology enthusiast seeing the possibility of a tool to finance entrepreneurs’ projects, I spread the word," Milei said.

However, he later distanced himself from the project, stating he had no prior knowledge of the token’s details and decided to stop promoting it after learning more.

According to Dexscreener data, the deletion caused LIBRA's price to collapse, wiping out millions for investors.

The presidential office said the removal of the post was intended to stem "speculation."

An Argentine judge has been assigned to investigate Milei's role in promoting the cryptocurrency.